Ambitious businessman Alec Holland was looking for a way to expand his operation, and needed help to structure his multiple businesses in a tax-efficient way.
Alec began as a salesman of garden furniture, but wanted to diversify his venture and expand into sales of leisure vehicles. Holland Trading Limited was soon formed, trading in the purchase and sale of motor vehicles, as well as static and mobile caravans.
Alec initially approached us in 2013 to find an efficient way of structuring his business portfolio, and we were able to register the company for VAT and set up the right accounting system for his needs. We have since worked with Alec to provide accurate bookkeeping and guidance – especially with regards to the complicated calculation of margin-rate VAT – management accounts, and tax and accounting advice.
Following an investment, Alec was able to purchase a caravan park in Bredon, with associated moorings and fishing rights. In order to do this, he set up a partnership with his wife so that the park could be run more efficiently, while maintaining the vehicle sales company separately. We have been able to structure the business accordingly, ensuring that the main company and the partnership are registered with HMRC in the correct way to provide better tax efficiency.
With the compliance and regulatory requirements taken care of by Randall & Payne, Alec has been able to concentrate on managing both businesses successfully, developing his trading business from the ground up to achieving a turnover of around £250,000.
We continue to support Holland Trading Limited with ongoing bookkeeping, VAT return submission and annual compliance work, as well as being on hand to help maximise tax efficiency.