Columnist Brian Murphy, Michael Jennings, and Maybeth Shaw BDO Northern Ireland
Looking to the Future for Your Business If recent years have taught us anything, it is that life is uncertain and that we must be prepared for anything.
increase in corporation tax. However, the subsequent and swift reversal of a key decision to cut the highest income tax rate coupled with the wide-ranging criticism around the cuts still in play, have led local businesses to question whether they should expect further changes in the coming months, adding a further sense of uncertainty.
Economic uncertainty can force a business to prepare for a future that it might not have envisaged. Whether this planning lays the groundwork for its future development, the ultimate sale or exit of your business, or earlier than expected succession implementation, it ensures that you have choices when you need them. As the old saying goes, inaction breeds doubt and fear.
With over 30 years’ experience in NI, five partners and over 150 staff, BDO NI specialises in supporting businesses of all sizes and across a range of sectors in their pursuit to grow, develop and navigate challenges and opportunities.
An important role of business advisors is to help their clients consider options available to them and evaluate which course of action will yield the best results. Much in the same way as the Covid-19 pandemic forced organisations to re-think the way they did business in order to survive and, in many cases, ultimately thrive, the current economic uncertainties are forcing businesses into a similar ‘re-think’ process. The recent ‘mini budget’ announced by the Chancellor of the Exchequer did offer some level of certainty and support to local businesses, particularly in the form of the energy cap and reversal of the
Brian Murphy, BDO NI managing partner, believes that future-proofing your business through gaining knowledge and expertise is invaluable for the long-term strategic planning of any business. Brian specialises in BDO’s corporate advisory business, with value creation and improving business performance at the heart of his role. “With increasing costs across the board, businesses are looking at where they can become more efficient in their operations. Maximising talent within an organisation, streamlining work processes and leveraging the use of technology can all help a business to sustain operations during challenging times and continue to be an attractive proposition for possible future investment or sale opportunities.”
“One thing we have consistently found, particularly during the challenging period of the last couple of years, is that businesses continue to evolve and adapt to their situation. Gaining a wider insight into opportunities open to you allows clients to make fully informed decisions on the future of their company and their employees.” Family-owned businesses currently employ over 52,000 people locally, and are a vital part of the NI economy. For many smaller family-owned businesses the burden of tax compliance can weigh heavy, and many are at risk of losing out on eligible allowances and deductions due to this time-intensive and, for many, confusing process. Tax Partner Maybeth Shaw specialises in providing tax consultancy advice with a key focus on advising family businesses. “Regulatory reporting requirements for businesses are increasingly complex at a time when having an efficient tax strategy is non-negotiable. Structuring your business in a flexible way allows you to adapt to the changing environment seamlessly, particularly when it comes to new digital tax technologies. Our expertise in the family-owned business sector means that we can help our clients to prioritise what is important to them, whilst ensuring that they are not missing out on key opportunities that will enable them to sustain and grow.
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