FAQs

During the due diligence process, issues may be identified by the buyer or seller that will require disclosure against specific or general warranties within the SPA. The disclosure letter plays several different roles in a transaction, it:

1. Qualifies the warranties given by the seller in the SPA and discloses exceptions to the warranties that would otherwise constitute a breach.
2. Allocates risk to the buyer by disclosing known issues, preventing warranty claims where the seller has already disclosed these. It is not uncommon however for known issues to be resolved pre- or as part of the transaction by agreement between the buyer and seller.
3. Protects the seller’s liability where items are fair and sufficiently detailed.
4. Provides transparency to the buyer and supports the due diligence findings.

Other ancillary documents for a transaction may include Loan Notes for part of the consideration, or Service Agreements for directors and/or sellers remaining in the business post-sale. Service agreements can be particularly important if any sellers are remaining in the business as employees, and part of the consideration includes an earn-out.

If you’ve sold a UK residential property and there’s tax to pay, you’re required to report it and make a payment on account within 60 days of completion. Missing this deadline can result in penalties, so it’s worth taking advice as soon as a sale is agreed.

You are likely to need to work with an external audit firm if your company meets two of the three criteria:

• Annual turnover of more than £15 million
• Assets of more than £7.5 million
• More than 50 employees

However, get in touch with our team to discuss you businesses size and situation.

Firms are required to obtain an accountants report for that accounting period if the firm has at any time during the accounting period, held or received client money, or operated a joint account or a client’s own account as signatory. The accountant’s report must be completed within six months of the end of the accounting period and if it is qualified to show a failure to comply with the accounting rules it must be submitted to the SRA. There are a couple of exemptions from obtaining an accountants report if firstly, all of the client money held or received during the accounting period was Legal Aid monies or secondly, the total of all client accounts held or operated by the firm did not excess an average of £10,000 or a maximum of £250,000 during the accounting period in question. If you have any queries about whether you require an accountants report we would be happy to discuss your requirements.

Yes, depending on your residency status and the source of your income. Even if you live overseas, you may still have UK tax obligations, especially if you have UK-sourced income or assets. Our international tax accountants can help determine your UK tax liability and ensure you’re fully compliant.

Yes. VAT on property transactions and construction projects can be highly complex. Our specialist team can provide tailored advice to help you plan ahead and avoid costly errors.

The best time to make your will is when you are well, healthy and able to consider matters with a clear mind. The last thing you want to do is leave loved ones in a vulnerable position. If you need support in creating a will, we partner with solicitors across Cambridge and East Anglia who can advise you on a tax-efficient will, putting you back in control and ensuring that your will reflects your wishes.

Yes, many of the companies we work with have international dynamics, such as overseas founders or cross-border structures. You can benefit from our international network and experience handling EIS, SEIS, share option schemes and the tax considerations that come with global growth.

Yes! Many of the transport and logistics businesses we work with are family-owned, and we understand the particular considerations, including succession planning, family governance and personal tax alongside the business itself. If this is relevant to you, let’s talk.

From October 2026, charities with an annual turnover of £1.5 million, or who meet alternate criteria, are required to have an independent audit. You need an independent examination if your annual income is over £40,000 per annum.

Running a charity isn’t easy. You must deploy all your resources for great charitable objectives, all while balancing the books, controlling spending, budgeting, and scrutinising transactions. Please get in touch if you need help with accounting or audit for your not-for-profit.

Law firms are required to obtain an accountant’s report for that accounting period if the firm has held or received client money or operated a joint account or a client’s own account as a signatory.

The accountant’s report must be completed within six months of the end of the accounting period, and if it’s qualified to show a failure to comply with the accounting rules, it must be submitted to the SRA.

We can advise on the exemptions from obtaining an accountant’s report. For example, if the client’s money held or received was Legal Aid or if the total of all client accounts held or operated by the firm did not exceed an average of £10,000 or a maximum of £250,000 during the accounting period. We’re always happy to discuss your questions.

Yes, we can help preserve your family wealth. Our Cambridge-based team of tax and personal finance experts will help you understand and structure your personal assets and businesses in the short and long term. Often, this involves preserving control with a senior family member while involving younger generations.

You’ll work closely with one of our professional tax advisers, who has the technical capability to provide a relevant, holistic solution tailored for you.