They have a range of innovative products that deliver added-value options which has led to the business’s exponential growth.
With so much growth comes increased revenue. Effective tax planning and advice has been a priority, both for the Company and individuals within it.
Quick growth can bring complex tax issues – and opportunities
Vostel have worked with the team at Dominic Hill sduring aperiod of rapid growth to deliver its annual accounting to ensure it met the compliance requirements of Limited Company corporation tax. Working with the directors it soon became apparent that tax planning advice was essential to maximise the profitability of the company, whilst looking at various options to minimise the tax payable.
Dominic Hill advised on making the most of expenses to ensure the taxable profit was kept to a minimum. Advice included utilising the capital allowances Vostel were able to claim against expenditure for business equipment in lieu of depreciation.
A further opportunity was progressed with a claim for research and development. Tax relief is available on qualifying research and development (R&D) expenditure at varying rate. These reliefs are for more than the amount spent, and so represent a form of government grant. The relief is particularly generous for smaller businesses that operate as a Limited Company – such as Vostel.
Outside of Vostel Limited, the Directors and Employees needed advice and support on their own personal tax issues, so they didn’t pay more tax than absolutely necessary, as well as support on wealth planning.
Dominic Hill provides support on all Limited Company tax aspects
Dominic Hill have been providing Vostel with support on annual accounts and tax compliance, since the early days of the company. It has been great to be a part of their growth journey and to continue offering advice and support for R&D claims, as well as Asset Acquisition and the continued growth of the business through new product planning.
- Successful R&D tax claim
- High level tax planning and wealth creation
- Compliant Corporation Tax
- Positive impact on profitability