Family businesses are crucial to our economy. According to 2011 research from the Institute for Family Business, the UK has more than three million family firms, making up two-thirds of all private sector enterprises.
At Howard Worth accountants and financial advisers in Nantwich, Northwich and throughout Cheshire, we are experienced in working with family firms of all sizes and sectors.
We understand that family firms require all the same day-to-day accountancy, business advisory and tax support – as well as bespoke advice on specific issues – as any business.
So for some family business clients we provide a complete outsourced business support service, including bookkeeping, management accounts, payroll and VAT. For others that deal with their own financial administration, we may prepare annual accounts or carry out the annual audit. Or we may advise on raising finance when a family business wants to invest in expansion or in another company.
At the same time, we also recognise that family businesses face unique challenges, including the tax complexities created by the close relationship between business and family finances.
And with research suggesting only around a quarter of family businesses successfully transfer to the second generation, and little more than 10 per cent to a third, we offer expert succession planning services to help family firms put in place and implement succession strategies that will enable them to continue to develop, grow and achieve more.
That may include grooming younger family members to take over the business or structuring a sale – or advising on a management buyout – if there is no successor generation or if younger relatives do not wish to take the business on.
Our family business services include:
- audit and accountancy
- corporate tax planning and compliance
- tax-efficient business structures
- personal tax planning and compliance
- management buyouts
- selling a business
- raising finance
- succession planning.