‘Mr Stonewall’ runs a successful construction business. A number of years ago he came to us as a sole trader and at that time was paying a substantial amount of income tax.
How GWA helped
GWA reviewed the whole business structure and recommended that it should become a partnership with Mrs Stonewall becoming a partner.
This had the immediate effect of a tax saving in Year 1 by freeing up the basic rate tax band. It also gave Mrs Stonewall, who had no pensions provision, a taxable income from which to make pensions contributions.
After a number of years, the business developed and began to take on more commercially risky contracts. GWA conducted another review of the structure and recommended that this was now the time for the business to operate as a Limited Company in terms of business risk and tax planning. In addition we recommended a Life Assurance Policy which meant that Mr Stonewall’s personal assets, such as his home, were now protected should adverse circumstances occur.
We also helped Mr Stonewall move from a desktop accounting software system to Cloud Accounting which reduced the cost of licenses and updates and allowed Mr Stonewall and his team to work collaboratively from various locations and devices.