Lifestyle
Ward Goodman Case Studies
Lifestyle
Personal Lifestyle Changes
As part of our Business Advisory Service, we align our clients’ personal and business goals to help them run a business that truly works for them.
Businesses and their owners evolve over time, experiencing financial success and security. However, during growth stages, companies can become unsustainable or reach a plateau where further growth is unnecessary, and stability becomes the focus.
One long-standing client faced this challenge. Despite their growth-stage success, they struggled to align the business with their personal lifestyle goals. Tax implications from business vehicles and company car rules pushed them into higher tax brackets, eroding personal income.
Rising payments to HMRC and stagnant business direction created frustration. Cash flow issues, caused by delayed customer projects, further hindered their ability to make pension contributions or benefit from corporation tax savings. Troubled customers forced them to hold higher working capital reserves, leaving them feeling constrained and unable to see tangible personal benefits from their financial results.
Ward Goodman's Solution
Lifestyle Adaptations
From challenging our client on these areas and putting the focus on where they wanted to be, they were able to take the gradual steps to make sizeable improvements to benefit themselves.
We discussed and evaluated with our client on their longer term personal aspirations which involved their desire to relocate closer to the sea, personally and in terms of the business premises.
It began to sink in that the business vehicles were an expense too far. They really enjoyed the short term benefits they felt from them but now they could see they were a barrier to their dreams.
The directors could appreciate the snowballing effect of cutting out expensive company vehicles. It reduced their tax liabilities and reduced their demands for upfront payments on account to HMRC.
They could see they would not need to withdraw so much in order to fund their tax bills and were able to benefit from reduced dividend distributions which then further reduced their tax liabilities.
Selling the expensive company vehicles would provide an initial cash injection to get them started. This would help them to get their pension contributions back on track and cut their corporation tax bills.
The funded pension scheme was then was able to make the purchase of new premises and allow the company to relocate and this opened up more opportunities to diversify with their customers.
Not having to rely on slow paying customers, the company’s cash flow improved further, not to mention the stress of the directors.
Lifestyle Outcome
By undertaking a remuneration restructure and seeking tax efficient routes, the company’s cash flow was transformed and they had built a pension pot to purchase new business premises.
In the space of two years, the directors not only relocated their company premises, but their personal home as well. It was what they had always dreamed of and it had become a reality.
They were now in a location they loved by the sea and only required a short walk each day to and from their company premises. Their entire outlook on the business had changed; it was now ‘working for them’.
Our Service
The business advisory service seeks to collaborate our collective skills so we can provide a rounded service. Our financial services team oversaw the pension contributions as well as the premises purchase.
Here at Ward Goodman, we have the resources not only to seek out tax efficient routes but to ensure they fit in with your personal goals and enable you to buy into proactive changes to aid your success.
Often it is the case that rewards come from initial sacrifices but we don’t make the necessary adjustments because we get caught in the weeds. It needs someone from a different perspective to point things out.
If you think your personal goals are falling off track, or worse, you are struggling to define them, why not take the first step and get in touch so we can help to re-route you to personal success.
Client Case Studies
Book a Meeting
If you would like to discuss further, please book a meeting with an experienced member of our team. Simply let us know when’s best for you and we will get in touch to arrange a suitable time.
Hear What Our Clients Have To Say
Ward Goodman is committed to delivering exceptional service, consistently exceeding expectations to support and satisfy our clients.
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We were delighted to receive this wonderful review from a client who has been part of the Ward Goodman family for many years.
“I have had the good fortune to have had a relationship with Ward Goodman in various capacities and with various employees since 1998. I am still with them and this is testimony to their unfailing courtesy, support, good humour and sound advice. I am lucky during this 40 year period to have worked with a delightful group of employees. I look forward to continuing that relationship until the grim reaper appears!”
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We wish to thank all who were involved in doing our tax return this time. Once again, you got us a refund on one of our accounts, and once again, we are very grateful and appreciative of your exploits. Off to the bank with the cheque – Yippie!
Davina does a great job and has done for the many years that she has worked on our account
