Business Advice

“We would be lost without Mitchells. They work with us to explore ideas and then they go out and get the answers.” – Wendy Waddicor, Hill Care

Mitchells are committed to being so much more than just a core accountancy firm. We believe in order for a business to thrive in the twenty first century and truly reach its potential, its vital to encompass such things as; real time business monitoring, regular business reviews, strategic business planning, real time financial monitoring and access to some of the best business finance deals available.

Business advice driven by the latest technology

We are empowered to utilise all the latest technology available to support our clients in excelling and growing profitability. Our cloud based systems are at the forefront of modern day accounting and business finance management, enabling our clients access via multiple platforms anywhere and at anytime.

Proactive and accessible

We are committed to nurturing clients for life, being accessible 365 days a year, communicating quickly and efficiently in offering quality proactive advice, not just when asked or at tax time but when we feel we can make a real difference. Our ultimate aim is to become your most trusted business partner.

If you require guidance, support, expertise or finance to start up, scale up or grow your business, then Mitchells are ready to support you on your journey...

Speak to an expert…

 

 

 

 

 

 

 

Tim Leeman

Partner

Startup Businesses Established in the UK in 2016

%

of UK businesses are Small or Medium Sized Businesses

%

of UK Businesses employ 0-9 people

What you can expect from us…

Starting your business.

Starting a business can be really nerve-racking, but having someone by your side every step of the way makes it a whole lot easier. Wether you need a  sounding board, advice or a mentor, we are there to help – From those initial little steps to those huge giant leaps, we can provide professional support for everything, from opening a bank account and obtaining finance, through to the more complex decisions like formulating a business plan or sales strategy.

Growing your business.

As your business expands, you’ll need to ensure you have the right people around you for support. Together we can help you see the bigger picture, as we focus on business growth and development opportunities. Furthermore, our team of professionals can provide tailored tax advice and arrange advanced and practical tax structures to help control and mitigate any potential tax burden.

A fast-growing business needs to keep a tight rein on cash flow and we can help with forecasting. Interested stakeholders will be much more likely to invest in your company if you have strong cash flow credentials.

Managing your business.

Having up to date accounting and performance information is critical to the success of any business. Reflecting on what has happened and how money has been spent highlights where future funds could, or should be allocated, whilst at the same time as identifying potential inefficiencies.

Here at Mitchells we have award winning cloud management technology that ensures you obtain the financial information you need. 

This information does not only assist management to make sensible business decisions, it also provides any potential external investors with real time up to date records, demonstrating that the business has a good level of basic corporate and financial governance in place. 

Exiting your business.

As you start to consider exiting your business, we can help with structuring the transaction to minimise the tax on the sale. As part of our service, we will explain in simple terms how your exit can be achieved, talk you through examples of Management Buy Outs, Employee Ownership Trusts etc, as we guide you step-by-step through the whole process.

An example of business advice given – Members Voluntary Liquidation.

Mitchells were introduced to Ben by a family member. He was looking to close his business down to take up employment elsewhere and wanted to do this in the most cost-effective manner, whilst also extracting company funds in the most tax efficient manner.

Ben explained:

“I came into contact with Mitchells after I first met Andrew McDaid at an informal meeting in a restaurant in Sheffield after a strong recommendation from a family member. Upon meeting him I instantly felt relaxed and was comfortable to explain to him the situation which had led to me wishing to close my business. The business was profitable, and everything was good, I simply had a change of personal position which meant I wished to close it down. Andrew said he had a few ideas in mind of how we could do this but wanted a little time to finalise his thoughts on which he felt would be the most efficient way.

Shortly after, Andrew called me directly and explained a couple of ideas but recommended a certain route which would be without a doubt the best path to follow. He gave a very clear explanation as to how this would proceed and, feeling entirely comfortable with his opinion I gave him the go ahead.

Once the process was in motion I was introduced to Abigail Chadburn who ran the ‘project’ through. It should be noted at this point that Andrew was always just a phone call away and was always at hand should he be needed. He was never too busy to take a call. Abi finalised the cessation accounts and subsequently passed them on to the liquidators to go through a Members Voluntary Liquidation.

The liquidators then liaised with Abi, Andrew and myself until the transaction was complete which took only a matter of days.

Mitchells continued support throughout the entire process made my life easier. I cannot praise Mitchells enough. They are professional, friendly and always on hand at an instant to be there for any requirements one may have.

I will certainly be passing on the recommendation which I got from my family member, onto anyone wishing for an accountant, adviser, or even a just a friendly conversation in the future.”

Andrew McDaid explained:

A Members Voluntary Liquidation or “MVL” is a legal process whereby a solvent company is wound up and subsequently dissolved.

The most common way to close a company down is for the shareholder to take any remaining profit as dividend, however, there is a risk that they will pay substantial sums in unnecessary tax.

If a company is solvent with more than £25,000 capital, this can be distributed to the shareholders via an MVL. By using an MVL, the funds to be distributed are subject to Capital Gains Tax rather than Income Tax. If the shareholder qualifies for Entrepreneurs’ Relief (ER) they can benefit from a 10% marginal rate on distributions. This means there can be considerable tax savings for the shareholders of the company.

The entire process can be concluded quickly and cheaply with the right professional advice and support.

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“The team at Mitchells provide a first class service with so much added value. They have been by our side throughout the company’s growth to advise us whenever we need it. They’ve been with us through the best times but also the not so good times.” David Garrard, Garrard Jones Engineering

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