Family-owned businesses are the backbone of the economy in Northern Ireland and throughout the UK.
Their success over generations stems from taking a long term view and a sustainable outlook, whilst remaining nimble and resilient to adapt to market and technological changes.
McAleer Jackson have a strong reputation in advising family firms, and to maximise the strengths that offer them success longevity, such as:
• strong family values
• a culture that respects and accommodates the best interests of the business and the needs of the family;
• employee and customer loyalty; and
• commitment to a long term strategic view.
Services that we tend to deliver frequently for family businesses include:
If you are in business, you need to consider your exit strategy and this is something to consider well in advance of your decision to finally call it a day. You will have a number of options and we can help you evaluate them, so that everything is in place at the time you want to act. Specifically, we can help you answer the following questions:
• What is your business worth and how is it valued?
• What are the tax consequences of the sale or generational disposal?
• Do you know what asset to sell – shares, trade or assets?
• What might the sales process mean to you and how do you prepare yourself?
We have an experienced and skilled team who can guide you on how realistic your aims are and suggest how you can plan to realise your aspirations.
Over the years McAleer Jackson has developed a specialist service of advising business owners on strategies for the most tax-efficient means of extracting income from their businesses. Some of the savings have been eye-watering, and what is most satisfying, the savings tend to be repeated year after year after year.
One benefit of getting to know you really well is that we are able to recommend relevant and beneficial tax initiatives. For example, we routinely look at whether our corporate clients are involved in any endeavours which might qualify for research and development (R&D) tax reliefs or whether they could use an enterprise management incentive (EMI) scheme to help motivate and reward their employees. These reliefs and initiatives change over time, as do your circumstances, so regular reviews are recommended.
Demergers, reorganisations and solvent restructurings offer business owners potentially valuable opportunities to protect assets, reduce commercial risk and to streamline their interests.
The transactions are often complex, requiring an in-depth understanding of tax , company law and other regulations. The McAleer Jackson team has advised small, medium and large organisations on transactions that significantly add value to their operations, and we have the skills and knowledge to help businesses navigate a path that best meets their unique circumstances.
Without the right planning HMRC could end up being the major beneficiary of your hard work rather than family and loved ones who could suffer IHT up to 40% on any assets passed to them.
Our private client team work with you to protect your wealth, minimise your IHT liability and allow you and your family to enjoy the proceeds of your lifetime’s achievements. We’ll also ensure that any relevant reliefs and exemptions are taken advantage of including:
• Business Property Relief
• Agricultural Property Relief
• Spouse Exemptions
• Small Exemptions
• Nil Rate Band
• Residential Nil Rate Band
• Trusts
• Charitable giving
• Life time giving
• Gifts from excess income
Have a question?
Whether it’s improving tax efficiency, supporting business growth, or protecting personal wealth, our team of trusted advisors can offer you a full range of accountancy, tax and business advisory services to give you the support you need.
Please use the form and we’ll be in touch, or you can find information on specific staff members by clicking here.