We have built up detailed knowledge within this industry over a number of years from working with some of the leading firms in the region. It is an industry that, with the right professional advice, presents a number of opportunities to gain a competitive advantage.
The current economic climate has meant that our clients have had to make more astute decisions and we have, in turn, provided a range of services that enable clients to stay up to date with every aspect of their business finances.
One challenging area is valuing work in progress and long term contracts. Incorrect treatment of these can lead to reporting inaccurate profits which can ultimately give rise to either hindering chances of receiving/renewing finance from lenders or overpaying Corporation Tax.
In recent months, the industry has also presented a very interesting prospect with regards to possible tax breaks for businesses that undertake research and development and we are currently looking into this for our clients.
We have also found clients in this industry are keen to discuss succession planning. All firms want to keep their best assets and one of these is undoubtedly staff. HWB have experience in providing companies with a forward looking plan which considers the needs of the firm and the individuals as they progress their careers through the company.
We can also provide specialist tax and VAT advice and IT solutions.