Every business owner needs a team of professionals in the background who provide continuous support and advice. That’s what we are here to do. Through years of commitment to our business clients we have developed a wide range of skills and services designed to improve business performance and profitability. Background support When you are running a business, time is money. With our business support services we take care of many of your routine financial and accounting operations, leaving you free to do what you do best – growing your business. Proactive advice But we don’t stop there. Many business owners find they cannot make enough time to analyse their performance and plan ahead to improve things in the future. With our business advisory services we use our skills to monitor your business and give proactive advice on how you can improve your bottom line – and we work with you to implement any suggestions you take up. We give you:
- More time to run your business
- The peace of mind that someone is keeping an eye on the essentials
- Help and support when things go wrong
Whatever your type of business, from start-up to a well established organization, and whatever your needs, from audit and accounting to restructuring, from financing to exit strategies, our specialist services are designed to add value to your business. See our list of services on the right, to find out how we can help you.
1. Tax and Audit
Though business owners traditionally regard the annual audit and preparation of annual accounts as a cost centre – a necessary evil that adds no value to the business – we strive to transform it into a profit centre. Besides helping you meet the audit requirements, we also take the opportunity to conduct a review of your financial and management systems. This can often result in our identifying potential problem areas and recommending opportunities to improve your business performance. We discuss the problems and opportunities with you and help you implement any agreed solutions. We see the preparation of your annual report as an opportunity to enhance your external image. A well-prepared report can have a considerable positive impact on the perceptions of investors, potential finance sources, customers, prospect, referral sources, and even your own staff – all of which greatly improves your business prospects for the future.
Corporation tax represents a substantial part of your trading costs. Moreover, the increased reporting obligations, robust investigation policies on the part of the tax authorities, and harsher penalties for non-compliance mean that an undue amount of your time and resources can be taken up collecting revenue for the Government. We offer a range of services to help you minimise your corporate tax exposure and relieve you of the administrative burden of complying with tax legislation. These include:
- Determining the most tax effective structure for your business
- Taking full advantage of tax opportunities and reliefs
- Achieving the optimum capital or revenue tax treatment
- Reducing tax on disposals and maximising relief on acquisitions
- Making the most of tax opportunities specific to your industry
- Meeting the rigorous demands of compliance including corporation tax self assessment
- Acting on your behalf in discussions with the tax authorities
- Efficient corporate tax planning can result in potentially significant improvements in your bottom line.
With the tax regime becoming more complex and more emphasis being put on taxpayers’ individual responsibilities, everyone who is subject to taxation needs professional advice and support if they are to optimise their tax position and ensure they meet all the compliance requirements. We are the tax specialists. We can provide you with year round tax advice on:
- Income tax
- Capital Gains tax
- Inheritance tax
- Trusts and estates
Every dollar of income tax you save means more income at your disposal, every well planned disposal of assets means minimal loss of capital gains, and every inheritance tax saving means more benefit for your beneficiaries. Make sure you take full advantage of the tax saving opportunities open to you – call us today for a personal tax planning review.
The term ‘self assessment’ is proving to be one of the great misnomers of all time. Many taxpayers struggle to understand the complex tax returns and complete them correctly. The constant stream of changes to tax legislation means not only that the returns are becoming even more difficult to understand but also that taxpayers risk incurring more penalties through failing to complete their returns on time or correctly. We can save you a lot of time, worry, and money by handling your self assessment for you. We will do all the necessary computations, complete your return, and even offer advice on how you can minimise your tax liability. We can act as your agent, dealing directly with the Revenue Agency (CCRA) on your behalf and, should you be selected for a self assessment enquiry, act for you at any meetings.
Few of us like to think about dying, but equally few of us could live with the thought that we have not made adequate provision for family and friends who survive us. The legislation that governs passing on your estate to your chosen beneficiaries requires you to plan well in advance. Since none of us knows when we shall die, this means making the necessary provisions now. The earlier you make the arrangements, the greater your chance of taking full advantage of the tax opportunities available and thereby maximising the amount that goes to your beneficiaries. Nothing is more demoralising than the thought that a substantial slice of the wealth you have worked hard to accumulate will end up in the Government’s coffers! It is equally important when planning to transfer your estate that you make adequate provision for yourself and your spouse in your later years. Striking this balance calls for considerable skill and foresight – and a detailed knowledge of the tax regime. We provide a discrete estate planning service that includes:
- Help with drawing up and reviewing your will
- Making full use of exemptions and lower tax rates on lifetime transfers
- Optimising lifetime transfers between spouses
- Transferring agricultural or business property
- Transferring assets into trust
- Arranging adequate life assurance to cover potential inheritance tax liabilities
We strongly advise you to begin your estate planning right away by contacting us for a preliminary review.
Everyone hopes to maintain the same standard of living in retirement as they presently enjoy while working, but to achieve this requires considerable forward planning. Here are some important questions you need to ask yourself: Exit strategies If you are in business, the first thing you need to consider is your exit strategy. Will you withdraw from the business, leaving it for the next generation, or will you hope to sell the business? If you intend to hand the business over, do you have a workable succession plan? If you intend to sell, how will you value the business, find a suitable buyer, etc.? Are you aware of all the tax implications of the timing of disposals? Pension provision Have you made adequate pension provision, and do you have the right type of pension? Are you aware of all the pension possibilities open to business owners and directors? Are you making full use of all your allowances? Savings and investments Do you have the right balance between savings and investments, and between high and low risk exposures? Life assurance and long-term care Do you have adequate life assurance, and have you made provision for long-term care and medical insurance for you and your spouse in your later years. We can help you answer all these questions and recommend solutions tailored to your particular needs.
Trusts are relatively easy and very tax efficient way to set aside assets for future beneficiaries outside of the inheritance tax net. We can advise on the most suitable type of trust for your purposes, set up trusts, and provide a full range of accounting services for trusts. We can also advise you on the preparation of your will. Where appropriate, we can act as trustees or executors.
2. Specialist Services
We believe that because we deal with your accounts we are well placed to offer impartial advice in areas such as:
- Pension schemes
- Life assurance
- Critical illness cover
- Private medical insurance and care plans
- Individual savings accounts
- Retirement Savings Plans
At the same time, we realise that in today’s complicated financial markets these are areas that require specialist knowledge – which is where we make use of our wide range of professional contacts. Where the matter is outside our field, we can recommend a suitable independent adviser and work with him or her to advise you. Make us your first port of call and we shall ensure you receive reliable, professional advice.
3. Business services
We can relieve you and your staff of an enormous burden by taking care of all your bookkeeping and accounting needs, including the preparation of your annual accounts. Our first step is to work with you so we can gain a full understanding of your business. We then tailor our approach to your requirements so we can provide exactly the service you need. Besides your core bookkeeping, we can also maintain your GST & PST records, prepare your annual accounts. But perhaps the most important part of this service is the preparation of management accounts. These are vital to the continued success of your business. We discuss your requirements with you and provide you with tailored information and constructive advice on a regular basis. If you can not afford to employ your own in-house Accountant why not make use of our services? Our Partners and Senior staff are here to help you monitor your business performance and to provide regular proactive advice. We can also assist with the installation of accounting software on your premises. Again, we can work with you to prepare and monitor your Management Accounts and advise on issues arising. This can be done on a monthly or quarterly basis or whatever best suits your needs.
Trading with overseas companies, selling to overseas markets, and setting up overseas operations all require expert knowledge. We can help you:
- Set up accounting procedures for dealing with the euro or other currencies
- Determine the best business structure for tax purposes
- Reduce your overseas tax burden
- Develop strategies for financing overseas subsidiaries
- Repatriate profits at minimum tax cost
Our team also includes proffessionals who are specialized in US Taxation and other US services.
Whilst corporate finance is often perceived to be only relevant for large multi national companies, it is just as appropriate for owner managed businesses of all sizes. At MAK Financial Services we have developed effective corporate finance skills to support businesses of all sizes. All work is partner led and covers the whole spectrum of business finance and planning, to include:-
- Raising capital
- Management buy-outs
- Management buy-ins
- Selling your business
- Business strategy planning
- Financial modeling
- Due diligence
- Business valuations
Most people who start up in business do so because they have a good business proposition and the enterprise and commitment to see it through, not because they are experts in the legal, financial, and fiscal aspects of running a business. Indeed, these matters can often seem daunting, and even off-putting, to the budding entrepreneur. The good news is that you do not need to be an expert in these fields to succeed in business. All you need is the support of a team of trained experts. That’s where we fit in. Bring us your business ideas and we’ll help you to evaluate them in a constructive and realistic manner. We can also help you:
- Decide on the most suitable structure for your business – sole trader, partnership, or limited company
- Prepare a business plan, cashflow projections, budgets, and trading forecasts
- Assess your finance requirements, advise on the best sources of finance, and draw up the necessary proposals
- Establish a good working relationship with your bank
- Complete any registration procedures with the Revenue Agency and/or the Ministry of Finance
- Set up a recording system for your internal use and for complying with statutory requirements
Start your new venture on a sure footing – call us for an initial consultation today.
Administering your payroll can be time consuming and burdensome, diverting energy and resources from the core activities of your business. And the task is made all the more difficult by the growing complexity of taxation and employment legislation and the accompanying regime of penalties for non-compliance. We have dedicated staff who can relieve you of this burden by providing a comprehensive and confidential payroll service, including:
- Customised payslips
- Administration of payroll, CPP, EI, statutory sick pay, statutory maternity pay, etc
- Completion of statutory forms, including year end T4 returns, to issue to your employees and submit to the Revenue Agency
- Summaries and analyses of staff costs
- Administration of incentive schemes, bonuses, and ex-gratia and termination payments
- Administration of pension schemes
Even if you have only a few employees, you will make savings by engaging us to administer your payroll. Let MAK Financial Services take the strain so that you can concentrate on other important issues. Our payroll staff also have access to the resources of our specialist Tax Department for guidance and help on all payroll matters.