The sector can raise many challenges especially in the area of employment law and taxation, with VAT and how to deal with it being a major issue with many equestrian businesses. Understanding what regulations impact the business and which structure is best for each case is essential to enable a tax efficient and compliant set up.
Currently HMRC are targeting this sector for detailed review and it is essential that an overall health check of your business is carried out to ensure it holds up to scrutiny from the tax authorities.
There are a number of common mistakes that are made and early advice in the business set up can ensure these are avoided.
Our approach is a comprehensive fact find of your business to understand all the equestrian activities that are undertaken, the structure of the business and all key individuals involved. We will then provide feedback on where we feel changes could or should be made.
This initial review can provide a clear strategy on how the business should then move forward. We often find that when running the business and dealing with the day to day issues that it is difficult to step back and take an overall review.Having an independent approach we can assist with this burden and give piece of mind that everything is in order.
We can also assist with a review of pricing and costs to give advice on the margins achieved in a very competitive market place.