Engineering & Manufacturing Sector
In the present economic circumstances companies in this sector face very significant challenges:
- Cost competitiveness and control
- Developing technical skills and up skilling individuals
- Developing new markets, both at home and overseas
- Profit maximisation and investment readiness
Ellis & Co has worked with businesses in this sector for many years helping them achieve their business growth objectives. We have clients currently in most sub areas of this sector including in air conditioning, ceramics, Installation & Project Management, new energy generation and cabinet-making.
A successful haulage company had built up substantial cash reserves on its balance sheet leaving the shareholders liable to paying inheritance tax.
The two directors, who each owned 50% of the shares, had been running the company for many years and one was suffering from poor health. Ellis & Co advised the directors to implement their strategy of moving to larger premises. This removed the surplus cash and meant that when one of the directors sadly died, no inheritance tax was paid on the shares left to his son. Inheritance tax at a rate of 40% could have been charged if business property relief had not been granted.
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