Case Studies
Pub and family restaurant.
This restaurant was started by a talented chef with a vision to create one of Oxfordshire’s most renowned fish eateries. As with many restauranteurs, the owner was a genius in the kitchen but not comfortable managing the financial aspects of his business. This was negatively impacting cash flow and profits.
Rather than take on the responsibility of a full time resource, the restaurant’s owners opted to use RJP’s virtual finance director service to improve business performance and profitability.
Key Actions: RJP took over the day to day financial management and provided a complete outsourced service including bookkeeping, payroll management, management accounting and ongoing business performance monitoring.
We worked closely with the owners to identify relevant KPIs on a weekly and monthly basis and together ensured these were exceeded month on month. RJP’s sustained financial operations management has ensured the business developed a strong working relationship with the bank and therefore enjoys the support and peace of mind this brings.
Result: Within 12 months RJP had helped to stabilise the business, allowing the owners to dedicate time to doing what they did best – serving top quality food to an ever growing customer base. By having the time to focus on their core offering, the restaurant has become a thriving and locally renowned fish restaurant with regular clientele.
This restaurant was started by a talented chef with a vision to create one of Oxfordshire’s most renowned fish eateries. As with many restauranteurs, the owner was a genius in the kitchen but not comfortable managing the financial aspects of his business. This was negatively impacting cash flow and profits.
Rather than take on the responsibility of a full time resource, the restaurant’s owners opted to use RJP’s virtual finance director service to improve business performance and profitability.
Key Actions: RJP took over the day to day financial management and provided a complete outsourced service including bookkeeping, payroll management, management accounting and ongoing business performance monitoring.
We worked closely with the owners to identify relevant KPIs on a weekly and monthly basis and together ensured these were exceeded month on month. RJP’s sustained financial operations management has ensured the business developed a strong working relationship with the bank and therefore enjoys the support and peace of mind this brings.
Result: Within 12 months RJP had helped to stabilise the business, allowing the owners to dedicate time to doing what they did best – serving top quality food to an ever growing customer base. By having the time to focus on their core offering, the restaurant has become a thriving and locally renowned fish restaurant with regular clientele.
Telecoms specialist.
This client moved to RJP from another firm of accountants because they were missing out on many tax planning opportunities and wanted a more proactive, business advisory relationship with their accountants.
The company is in a very hot market sector and growing rapidly, more than doubling in staff levels and revenues year on year. They faced the typical issues of a growing business and had previously not benefitted fully from tax planning opportunities available.
Key actions: RJP started looking at tax planning opportunities for the company and its directors. Immediately it was apparent that the company structure was not as tax efficient as it might be and directors were not taking their remuneration in a way that would minimise both their and the company’s tax liabilities.
The company was also missing out on capital allowances tax planning and on an opportunity to benefit from R&D tax credits. Looking ahead to the possibility of selling the company in the future, an EMI share option scheme was implemented to help incentivise key staff members.
Results: RJP prepared a back dated claim for the previous years’ R&D tax credit entitlement plus submit applications for the current and forthcoming years.
In total we anticipate helping this client to generate tax savings of around £100,000 through R&D tax credits alone.
This client moved to RJP from another firm of accountants because they were missing out on many tax planning opportunities and wanted a more proactive, business advisory relationship with their accountants.
The company is in a very hot market sector and growing rapidly, more than doubling in staff levels and revenues year on year. They faced the typical issues of a growing business and had previously not benefitted fully from tax planning opportunities available.
Key actions: RJP started looking at tax planning opportunities for the company and its directors. Immediately it was apparent that the company structure was not as tax efficient as it might be and directors were not taking their remuneration in a way that would minimise both their and the company’s tax liabilities.
The company was also missing out on capital allowances tax planning and on an opportunity to benefit from R&D tax credits. Looking ahead to the possibility of selling the company in the future, an EMI share option scheme was implemented to help incentivise key staff members.
Results: RJP prepared a back dated claim for the previous years’ R&D tax credit entitlement plus submit applications for the current and forthcoming years.
In total we anticipate helping this client to generate tax savings of around £100,000 through R&D tax credits alone.
Healthcare specialist.
This organisation provided specialist residential care for people with a variety of eating disorders. As a comparatively small firm of medical professionals and carers they lacked the internal resources to properly manage their day to day accounting needs. In particular cashflow was a problem and needed to be carefully managed.
Key actions: RJP acted as this company’s accountants and tax advisors for over 15 years during which time we were responsible for bookkeeping and preparation of management accounts, as well as advising the business directors on tax matters.
Management accounts in particular were key to the successful running of the business because revenues and profits were based on achieving target occupancy rates.
In addition, RJP supported the business owners when they faced a status enquiry over one of their bank care workers. This arose because HMRC were suggesting their staff were employees and not self employed contractors, which could have resulted in tens of thousands of pounds worth of back taxes being payable by the client.
Most recently, we also advised the company directors in advance of the sale of their business, advising on the tax implications of the sale, negotiating with buyers and preparing accounts up to the period of the sale.
Results: RJP’s defence concerning the status enquiry was successful with no additional tax payable following the enquiry.
We worked with the owners to sell the business and ensured they maximised the amount of capital gains tax relief they could benefit from following the transaction.
This organisation provided specialist residential care for people with a variety of eating disorders. As a comparatively small firm of medical professionals and carers they lacked the internal resources to properly manage their day to day accounting needs. In particular cashflow was a problem and needed to be carefully managed.
Key actions: RJP acted as this company’s accountants and tax advisors for over 15 years during which time we were responsible for bookkeeping and preparation of management accounts, as well as advising the business directors on tax matters.
Management accounts in particular were key to the successful running of the business because revenues and profits were based on achieving target occupancy rates.
In addition, RJP supported the business owners when they faced a status enquiry over one of their bank care workers. This arose because HMRC were suggesting their staff were employees and not self employed contractors, which could have resulted in tens of thousands of pounds worth of back taxes being payable by the client.
Most recently, we also advised the company directors in advance of the sale of their business, advising on the tax implications of the sale, negotiating with buyers and preparing accounts up to the period of the sale.
Results: RJP’s defence concerning the status enquiry was successful with no additional tax payable following the enquiry.
We worked with the owners to sell the business and ensured they maximised the amount of capital gains tax relief they could benefit from following the transaction.
Medium sized firm of solicitors.
This firm of solicitors were looking to grow either through acquisition or by merging with another practice.
Key actions: A merger always includes an element of risk and since the client was not fully sure whether this was the right approach, we helped them to explore the various options available. grow either through acquisition or by merging with another practice.
Our priority was to ensure the agreements being entered into were tax efficient for the partners and that they would protect their own business and retain existing clients should the initiative not proceed as intended. grow either through acquisition or by merging with another practice.
Results: After investigating, the firm decided to proceed with the merger and was able to structure this in a tax efficient manner.
This firm of solicitors were looking to grow either through acquisition or by merging with another practice.
Key actions: A merger always includes an element of risk and since the client was not fully sure whether this was the right approach, we helped them to explore the various options available. grow either through acquisition or by merging with another practice.
Our priority was to ensure the agreements being entered into were tax efficient for the partners and that they would protect their own business and retain existing clients should the initiative not proceed as intended. grow either through acquisition or by merging with another practice.
Results: After investigating, the firm decided to proceed with the merger and was able to structure this in a tax efficient manner.
Construction specialist.
Key actions: This construction company had been acquired and its new owners were looking to identify a way to ensure key staff would be retained. The new management team also needed the company to comply with the latest CIS requirements from HMRC.
Longer term the owners planned to exit from their acquisition as soon as practical which could impact on the level of gains achievable.
Results: RJP implemented an EMI share scheme for senior management that was tax efficient and would ensure key staff stayed with the business to support a future exit.
To undertake the compliance requirements of this brief, our accountants worked closely with the senior management team to ensure the business was fully compliant with HMRC’s procedures for construction firms and therefore protected from the risk of an enquiry.
This included completing a full review of the current CIS position with a status and PAYE review covering employment contracts and benefits in kind offered. We also provided ongoing VAT support on land transactions.
Following the compliance review process we re-wrote staff handbooks and procedure manuals, changed internal policies to be compliant with current HMRC requirements and therefore avoid the risk of an enquiry.
Some time afterwards, as planned, the management team sold the business and RJP helped them to secure a tax efficient exit.
Key actions: This construction company had been acquired and its new owners were looking to identify a way to ensure key staff would be retained. The new management team also needed the company to comply with the latest CIS requirements from HMRC.
Longer term the owners planned to exit from their acquisition as soon as practical which could impact on the level of gains achievable.
Results: RJP implemented an EMI share scheme for senior management that was tax efficient and would ensure key staff stayed with the business to support a future exit.
To undertake the compliance requirements of this brief, our accountants worked closely with the senior management team to ensure the business was fully compliant with HMRC’s procedures for construction firms and therefore protected from the risk of an enquiry.
This included completing a full review of the current CIS position with a status and PAYE review covering employment contracts and benefits in kind offered. We also provided ongoing VAT support on land transactions.
Following the compliance review process we re-wrote staff handbooks and procedure manuals, changed internal policies to be compliant with current HMRC requirements and therefore avoid the risk of an enquiry.
Some time afterwards, as planned, the management team sold the business and RJP helped them to secure a tax efficient exit.
Specialist coach tour operator.
Key actions: This client began working with RJP approximately 6 years ago. Our role has developed over the years and we now act as the outsourced accounting department providing bookkeeping and other accounting services as well as acting as a strategic business and tax adviser.
During our long working relationship we advised the owners on many aspects of tax and VAT planning including details advice on the TOMS scheme and specific VAT and tax advice on the tax efficient operation their fleet of coaches.
Result: During the time we have been acting the turnover of the business has risen by just over £5m and they have established a number of robust accounting systems ensuring that deadlines are met and have structured the business in the most tax efficient manner.
Key actions: This client began working with RJP approximately 6 years ago. Our role has developed over the years and we now act as the outsourced accounting department providing bookkeeping and other accounting services as well as acting as a strategic business and tax adviser.
During our long working relationship we advised the owners on many aspects of tax and VAT planning including details advice on the TOMS scheme and specific VAT and tax advice on the tax efficient operation their fleet of coaches.
Result: During the time we have been acting the turnover of the business has risen by just over £5m and they have established a number of robust accounting systems ensuring that deadlines are met and have structured the business in the most tax efficient manner.
Recruitment company specialising in temporary staff.
Recruitment company specialising in temporary staff.
This recruitment specialist needed to improve their accounting systems and were frequently experiencing issues with cashflow. This arose as a result of the company having to pay the staff they supplied directly each week, before being paid by the client.
Key actions: RJP introduced a factoring system to improve cashflow. We also reviewed the company’s accounting processes, implementing Sage to improve record keeping and access to financial information.
On an ongoing basis the company outsourced its bookkeeping and accounts, VAT compliance and tax compliance to RJP.
Result: With the cashflow problem resolved, the business could attract the best candidates and expand. It remains a thriving local recruiter.
Recruitment company specialising in temporary staff.
This recruitment specialist needed to improve their accounting systems and were frequently experiencing issues with cashflow. This arose as a result of the company having to pay the staff they supplied directly each week, before being paid by the client.
Key actions: RJP introduced a factoring system to improve cashflow. We also reviewed the company’s accounting processes, implementing Sage to improve record keeping and access to financial information.
On an ongoing basis the company outsourced its bookkeeping and accounts, VAT compliance and tax compliance to RJP.
Result: With the cashflow problem resolved, the business could attract the best candidates and expand. It remains a thriving local recruiter.
Specialist engineering company.
This company specialised in manufacturing industrial doors and worked with RJP over a number of years.
The owners’ long term goal was to exit and during the time we worked with the firm we steadily groomed the organisation for a successful sale; this also included identifying a buyer.
Key actions: RJP provided outsourced accountancy services and completed annual tax compliance. We were responsible for the businesses’ annual services audit and corporation tax planning including ensuring optimum use of capital allowances relief on plant and machinery purchases.
Once the business was ready for a sale, RJP advised the directors on the sale process and also found the eventual buyer.
Result: A successful sale was concluded and the directors were highly satisfied with the level of gains they secured from their investment.
This company specialised in manufacturing industrial doors and worked with RJP over a number of years.
The owners’ long term goal was to exit and during the time we worked with the firm we steadily groomed the organisation for a successful sale; this also included identifying a buyer.
Key actions: RJP provided outsourced accountancy services and completed annual tax compliance. We were responsible for the businesses’ annual services audit and corporation tax planning including ensuring optimum use of capital allowances relief on plant and machinery purchases.
Once the business was ready for a sale, RJP advised the directors on the sale process and also found the eventual buyer.
Result: A successful sale was concluded and the directors were highly satisfied with the level of gains they secured from their investment.
