Family businesses across Cumbria and beyond make a considerable contribution to the UK economy and it is vital they are supported with effective advice, tailored to address the unique challenges and opportunities they face.
Did you know?
- Family businesses employ 12 million people nationwide
- 90 per cent of businesses in Cumbria are family-run
- 25 per cent of UK GDP comes from family businesses.
As a second-generation family business ourselves, Lamont Pridmore works with family-led firms from a wide range of sectors.
We recognise that these companies take a longer view of business, keeping in mind the future generations of business owners.
Although they are just as driven by profit and success, they have different values to a purely commercial organisation owned by shareholders, which is why they often focus on issues such as local philanthropy, while still managing to succeed in demanding situations where others may fail.
However, alongside the strengths, family-run businesses also have a quite distinct set of challenges to face – some of which revolve around complex family relationships.
Our own experience as a family business means that we can offer unique advice in a wide range of complex scenarios, including:
- Creating a communication and training plan for younger members of the family to get them ready to join the family business
- Developing family councils and constitutions covering family members working in the business and those who do not
- Producing a communications strategy for senior management positions held by non-family members
- Assisting with the creation of a philanthropy plan for the family business
- Developing all important exit or succession plans, including valuing the business or establishing whether the business can be sold as it is normally handed over to the next generation
- Developing the most tax efficient extraction of profits from the family business
- Creating a Life Wealth Plan to manage and boost wealth outside the business in order to facilitate future succession plans.
What else can we do for your business?
We can help you maximise the potential of your family business by improving profits and increasing efficiency to ensure it is in the best possible shape when the time comes to transfer ownership.
Family business just like other businesses need to implement plans for their profitability and tax payments, such as:
Financial forecasts and regular management accounts to ensure that future profitability is sufficient to meet the family plans, incorporating profit and loss reports, cash flow forecasts, balance sheets and audits.
We also assist many businesses with corporate tax planning before the financial year end, including:
- Establishing the right business structure
- Maximising the allowances on qualifying capital expenditure
- Research and Development expenditure
- Maximising the deductions for allowable expenditure
- Tax-efficient withdrawals from the business
- Structuring shareholdings and borrowings correctly
- Tax efficient use of losses.
At a personal tax planning level, we can assist with:
- Boosting your pension
- Disposing of shares and assets tax efficiently
- Making the most of dividends
- Maximising the use of tax-efficient allowances, reliefs and exemptions
- Utilising tax-efficient investments, including VCTs and EISs
- Reducing Inheritance Tax liabilities
- Using Discounted Gift Trusts/AIM Investments
- Investing in woodlands
- Using Tax Efficient Investments and Life Wealth Plans.
This is part of our wider package of specialist services, developed exclusively to help family businesses thrive.
Get in touch today by visiting www.lamontpridmore.co.uk, telephoning 0800 234 6978 or emailing [email protected]
