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Rethink

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.

To meet the challenges posed by the pandemic, businesses around the world had to react in agile and decisive ways. As we move into the next phase, now is the time for businesses to seek out and seize the opportunities emerging in the recovery. This involves conducting an “after-action review” to collect data and insights on lessons learned from the pandemic, and then using these to prioritise actions to enhance business value today and build strategic resilience for tomorrow. Businesses that take these steps now will be well-placed to capitalise more effectively on the opportunities rising in the post-COVID-19 recovery – and to continue winning in their marketplaces as greater certainty and stability return.
“Today’s businesses have countless competing priorities, and legal entity management isn’t one that sits at the top of many ‘to do’ lists. However, organizations that overlook this aspect of legal and compliance work are doing so at their own peril. As we emerge from the global pandemic, business-critical activities including supply chain restructuring and M&A activity are gathering pace once again, but businesses that don’t have a firm grasp of their legal entities won’t have the clear pathway that they may need to make these transactions a success.”
One of the most pervasive challenges that organizations are facing in their struggle to manage their legal entities is a lack of information. According to the survey, more than two-thirds of respondents (68%) say their business does not have up-to-date information on their entities and a similar proportion (66%) report that they have trouble keeping up with the many compliance requirements in the jurisdictions where they have entities around the world.

“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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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.

WHAT CLIENTS SAY

WHAT CLIENTS SAY

“I had approached Churchill after my previous accountant had messed up my accounts, VAT and self assessment for the past 3 years. I am very pleased with the way Churchill have handled my case, they have been very professional and have explained to me each aspect of the tax problem and kept me updated throughout the process. I would like to thank the compliance team who have supported me through this.”
Cristine Kagona
“Churchill Tax Advisers stopped HMRC from sending bailiffs to our business premises at the last minute when our solicitors and previous accountants had given up. They have taken over a large HMRC investigation and have been dealing with it very professionally and protecting our interest at all times.”
Retailer, GM
I would like to thank Churchill Tax Advisers for providing the tax advice and showing how we can save thousands in our tax bills. Our previous accountant just used to do what we told them and never gave us any tips to save tax. We will be recommending you to everyone in our circle.”
Retail Garments, ZC
“I have been a client of Churchill Tax Advisers both personally and with my LTD company for two years now and they handle all of my accounts and VAT returns in a proficient and timely manner. I recommend them.”
Benjamin Thomas
“I would like to thank the tax specialists at Churchill Tax for their patience and efforts in resolving my taxes issues.”
Construction, RR
“I came to Churchill Tax through a recommendation as I was being chased by HMRC for a substantial amount of late filing penalties and determinations for unfiled tax returns of the last 12 years. Churchill Tax acted very professionally and persistently and have managed to reduce all the penalties and interest etc to nil. Thank you.”
Retail and Wholesale, AA
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