shaw gibbs - accountants and business advisers
accountants & business advisers
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The Big Questions

The COVID-19 pandemic has fast-forwarded a number of business decisions as well as providing a hiatus for owner-managers to consider some of the ‘big questions’ which are not always asked or addressed.

We help to answer these questions throughout the lifecycle of the business journey, ensuring that every step is taken with confidence and with the end-goal in mind.

Starting up

You have a fantastic business idea, you know there is a market for it and you have the hunger to start out on your own.

Should I go into business with my family?

It might seem sensible to go into business with a family member or spouse. Employment costs are not as likely to be as high and the negatives of the employer–employee relationship are not so prevalent.

Should I go into business with my family?

What should my long-term strategic goals be?

It is imperative that owners and managers of any business take time to focus and plan the strategic direction of the business and set key objectives to achieve the overall ambition .

What should my long-term strategic goals be?

How do I choose the right business structure?

Structuring your business at an early stage will save time later and money in the longer-term

How do I choose the right business structure?

Stay tuned! More articles will be posted in this category shortly.

Growing

Having successfully navigated those first few years, you may be looking to grow your business, by increasing turnover, profit and head-count or you might be looking for a more agile business-model.

What if the internal functions of the business cannot cope with the levels of growth?

What if the internal functions of the business cannot cope with the levels of growth or you need to scale up or down? You can outsource as many or as few back-office functions as you wish. The benefits of this are not only financial

What if the internal functions of the business cannot cope with the levels of growth?

Can I claim R&D tax relief?

Research and Development (R&D) tax relief is generally considered to be one of the most attractive tax reliefs available, often resulting in significant cash repayments from HMRC.

Can I claim R&D tax relief?

How much information should I share about my business?

If the business begins to prosper, suppliers, HMRC and even employees begin to demand greater visibility. HMRC are becoming more demanding when it comes to sharing of company information specifically with the advent of Making Tax Digital (MTD).

How much information should I share about my business?

What if I need funding for my business?

Owner Managers tend to self-fund their businesses, this may include personal savings, followed by long or short-term debt. They are often reluctant to source external equity-funding with the belief that it will erode independence.

What if I need funding for my business?

Established

Your business has a strong brand and people employed in specialist areas, you may be looking for more opportunity through online and international expansion.

Where do I get business advice from?

You should have a group of advisers to seek counsel from outside of the company whether this is a formal arrangement with your accountant or a group of peers who you can share ideas and bring a diversified experience to the table.

Where do I get business advice from?

Do I need an audit and what does it consist of?

A statutory audit is required when a UK Limited company or a Limited Liability Partnership (LLP) meets certain criteria. Auditors report to the company’s shareholders (or members) on whether the annual accounts show a ‘true and fair view’ of the company’s financial activity and position.

Do I need an audit and what does it consist of?

How do I start international trade?

Many owner-managed businesses investigate overseas trade when they can’t increase sales in their home market. Whether you are trading online or through in-country sales teams, there will be different tax legislation requirements

How do I start international trade?

Stay tuned! More articles will be posted in this category shortly.

Exiting

Deciding on the right approach to exiting your business may be one of the more important decisions you will ever have to make.

Do I have enough to retire?

For many, the most important issue is the amount of money left for retirement, is it enough to have the lifestyle desired.

Do I have enough to retire?

How do I plan for succession?

A single business owner can limit the value of the business where the knowledge of suppliers, internal procedures and clients sits solely with them. As a consequence, the value of the business may only be worth the liquidated value of the tangible assets.

How do I plan for succession?

How much is my business worth?

A business is only worth what a buyer is willing to pay for it and what a seller is willing to sell it for.

How much is my business worth?

Stay tuned! More articles will be posted in this category shortly.

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