Jackson Stephen LLP :: tax consultancy

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Jackson Stephen LLP
Chartered Accountants and
Business Advisers

James House
Stonecross Business Park
Yew Tree Way
Warrington
Cheshire
WA3 3JD

01942 292500

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	MG Barkers Limited Since switching my tax service provision to Jackson Stephen the support and advice received from Chris Barrington and his team has been extremely valuable. Cutting through the ‘jargon’ and delivering advice that is not only clear but concise has also been beneficial when time is not always available to you. Tax affairs where always last on the things to do list due to the numerous forms and queries that they generate however the team at Jackson Stephen cut to the point to make the ‘necessary evil’ of tax form filling a little more bearable. I have recommended the service to a number of friends and colleagues who also support my view that the friendly and flexibility manner that the team operate in has been very helpful. Adrian Pitt - Chairman AEW Architects & Designers Limited Jackson Stephen have been accountants to AEW Architects & Designers Ltd for about five years to date. In 2010, they advised the company and me on my management buy-out from the former majority shareholders. This transaction was followed soon after by the introduction of two key senior managers into share participation, establishing the new team to take this company to the next level. Chris Barrington at Jackson Stephen designed the entire succession plan for us, in a way which was tax efficient for both the former owners and myself and sensitive to the commercial needs of the company. He went on then to establish share option arrangements for the senior managers which have proved to be very cost efficient for them and therefore effective as motivators for the business. All of this work was executed intelligently and diplomatically, maintaining good communication with all affected parties about all material matters. Steve Burne – Managing Director

The team is dedicated to the identification and
implementation of bespoke planning solutions, designed to minimise all forms of taxation for our clients, reduce tax risk and support their commercial and personal objectives. The team’s work covers all phases in the life of a business and its owners, including planning for:

- Business start-up; including the choice of business medium, the establishment of ownership structure and maximisation of investment reliefs, where appropriate

- Existing business medium and structure; including regular profit extraction management and corporate
reorganisations for capital tax purposes

- Acquisitions; of businesses and major assets

- Minimisation of business tax; by maximising all reliefs, capital allowances planning, use of all tax incentives and opportunities available

- Retention of key personnel; to include all aspects of
remuneration, share option schemes and other incentives

- Retirement; including pension planning

- Disposals; of shares and major assets

- Succession; including planning for inter-family transfers and MBOs

- Death; and the transfer of wealth to the family during
lifetime

- All other specific events and transactions; including,
for example, emigration, divorce, property investment etc

Our planning work encompasses all UK taxes, including
Corporation Tax, Income Tax, Capital Gains Tax, Inheritance Tax, Value Added Tax, and Stamp Duty in particular. We liaise with overseas taxation advisers where our planning proposals and our clients’ circumstances require it and we have relationships with various offshore professional firms who may be required to assist in the implementation and running of offshore structures.

A mother and father wished to transfer control and ownership of their business to their son. They wanted a guaranteed income into retirement to be achieved in the most tax efficient way.

The challenge was to establish a guaranteed flow of cash for the parents, but, at the same time, avoid the son having to accept personal risk or income tax on monies he would have needed to earn to pay for the transfer of control.

The solution was to structure a purchase of the parents’ shares using a Newco set up by the son, and paid for with an issue of loan notes by Newco. The loan notes were scheduled for repayment over a ten year period, financed out of future business profits, meaning mother and father could take capital receipts out of future profits, defer their capital gains tax and utilise maximum allowances over the ten year period. This also kept commercial exposures within a limited liability company vehicle which did not realise any taxable income in completing its purchase.

In practice, and thanks partly to some additional capital gains tax planning we had put in place prior to this transaction, the parents will have paid an effective rate of tax of only about 1% on their receipts. This facilitated a highly tax efficient profit extraction as well as commercially effective succession.