Lateral thinking and expertise is key to survival
A bit of lateral thinking mixed together with a substantial amount of expertise is key to business survival in the current economic climate. Even with adequate cash flow, a business will only survive and thrive if it continually looks to improve and develop its products and services and take advice on appropriate strategies.
Chris Walklett, Business Tax Partner and Head of Technology at leading independent accountants and business advisers Peters Elworthy & Moore (PEM) explains “It often takes an experienced ear and proactive thought and action to make a real difference, and this is something we offer all our clients”.
Despite remaining fiercely independent PEM is extremely well connected. Adds Chris, “as a member firm of Kreston International, PEM has representative offices in nearly 100 countries worldwide and this combined with considerable in-house expertise means we can really make a difference to our client’s businesses on an international scale”.
The PEM Technology and Business Tax Teams report a number of success stories emerging from a very difficult year for businesses generally. A Leicestershire based Research and Development organisation had been told by their previous advisers that they would not be eligible for a R&D Tax Credit (tax refund). PEM quickly identified a case and applied for this and a substantial refund was agreed. In addition, an error in their businesses tax computation was found and the team worked with HMRC to investigate and agree a tax refund panning back some six years.
In another case where a new client had not been advised by their previous advisers that they would be eligible, for R&D Tax Credits, PEM identified a strong case for over £300K of Tax Refund. “This was a particularly satisfying case” added Chris “as we only had a window of a few weeks to use our expertise to identify and apply for this claim for our client. Our team worked swiftly and efficiently to produce a 40 page claim report and our client is now waiting his substantial refund”.
Technology products design and manufacturing company Syrris is another business who looked to PEM for help in expanding and was delighted with the proactive help and advice they received. Said Nick Tait, Head of Finance at Syrris, PEM has a great team of experienced people who have certainly got to grips with our business needs. By using their own in-house “Think Tank” and their breadth of knowledge and expertise, PEM gained a timely R&D Tax Claim helping our cash flow considerably and reorganising one of our UK subsidiaries to be more commercially and tax efficient. Using their Kreston International connections PEM has also helped us move our trading operations into Japan and India and set up a new subsidiary in Brazil. Having someone who can help move barriers and build bridges as well as looking ahead is certainly an asset and has given us the confidence to raise the bar at Syrris”.
To benefit from the PEM “Think Tank” contact Chris Walklett on 01223 728258 or email cwalklett@pem.co.uk