Rethink
Let there be no doubt that you and your business are operating in a new reality. Your supply chains, your workforce, your sales, your marketing strategy and your financial health will all have been impacted. You may also need to check that your governance, risk management and regulatory controls are still fit for purpose. Even if your businesses have managed to keep operating and maybe thrive, you will still be facing new challenges.
As you steer your business through all the changes, you may want to rethink every aspect of your business from the business model and strategy down. You will want to review and rebuild resilience and realise any opportunities to grow.
You will find a wealth of advice and practical guidance to help you rethink how you operate on this Revisit hub. You can join webinars, podcasts or read through articles on a range of business issues. You can also get in touch to discuss your specific business challenges.
“Scattered information, limited resources, poor technology and a lack of defined processes are just a few of the challenges organizations are facing in their attempts to manage their legal entities. It is clear that a failure to properly manage legal entities can lead to unnecessary delays, timeline pressures and additional costs – not to mention lost revenue and potential reputational damage.
“As the global economy rebounds, companies are intently focused on driving growth and managing risk in an increasingly complex environment – all while cutting costs. Legal departments are challenged to support these priorities by developing a more data-driven approach to risk and improving contracting processes to facilitate growth.
“In this kind of environment, it is easy for legal entity management not to be seen as a priority. Yet, lack of accurate information about the full range of legal and compliance obligations for a company’s legal entities can be a significant drag on productivity and create unexpected risks. This is often an overlooked problem, but, there are ways that legal departments and other related corporate functions can use internal resources and external providers to create more efficient and effective entity management practices that improve productivity and reduce risk.”
Even among those who follow good tax planning practice and maintain forecasts running several years forward, it is unlikely that many foresaw the dramatic end to the 2019/20 tax year.
With the arrival of COVID-19 and the subsequent lockdown, the economy shrank a record 20.4% in April 2020, and 19.1% in the three months to May 2020.
The impact on businesses across the board has been significant and although the economy is reopening slowly, it is clear a return to the ‘old normal’ is some time away or may never return at all.
Looking forward through the next 12 months, tax management and planning could play an important role in helping your business survive these uncertain times.
Now is a good time to review whether the tax planning strategies of your business both short and long-term are still relevant for the 2020/21 tax year, regardless of whether the coronavirus crisis has had a positive or negative impact on your trading profits.
At Churchill Tax We begin with a careful evaluation of your financial situation, discussing your future plans and goals to help define the right plan of action. As independent advisors, we’re always working with your best interests in mind, bringing you tax-saving opportunities with a strong commercial basis.
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WHAT WE OFFER
When appointing a Tax specialist to act on your behalf, it’s important to know that you’re in good hands. You need to know that the advisor you appoint has the experience, skills and courage required to achieve the best possible outcome for you.
Our role is as much about supporting our clients personally as it is about providing professional and effective Tax representation. This is why we have implemented facilities such as flexible payment options , that aim to make the process straight forward and stress free.
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Churchill Tax provides all types of tax advice on complex issues to individuals and companies across all sectors. We make the time and effort to understand our client’s businesses and needs and our tax experts have a proactive and flexible approach to helping clients overcoming the challenges they face.