"From transferring business ownership to advising on selling, we’ve felt confident that we’ll get the support we need, with our best interests at heart.”
Eastend Coachworks is a successful bodyshop and car repair company, and West Bridgend Garage Ltd is a car repair/MOT garage, both based in Dumbarton. Both businesses were originally owned by one owner, who then decided to pass West Bridgend Garage over to his son.
What we did
We have acted for the owners for many years and currently provide a varied mix of services including completion of statutory accounts, corporation tax returns and filing of abbreviated accounts with Companies House. Our team also oversaw the transfer of the business from a partnership to a limited company advising on tax and other related matters, and oversaw the transfer of West Bridgend Garage to the original owner’s son, who was an employee at the time.
In addition to the above services, we also deal with the personal tax returns for both owners and provide ongoing tax advice on all personal tax matters. We have been working closely with the original owner to offer advice on IHT planning, liaising with his solicitor to update his will accordingly. This is an ongoing process.
Towards the end of 2019, the original owner received an approach to buy his company and we advised him through this process, which included a meeting in our Glasgow office with the prospective purchasers and their representatives. One of our senior Tax Partners attended this meeting to advise on tax issues. Our entrepreneurial services team in conjunction with our tax department have given advice on the business valuation and the most tax advantageous route for selling the business.
Impact we had
During the last 28 years French Duncan has been a reliable and honest sounding board for both businesses and their owners, providing confidence that they are in safe and knowledgeable hands. We have contributed to the smooth transfer of West Bridgend Garage to its new owner, and the successful change in status from partnership to limited company. Our ongoing tax advice has resulted in not only basic compliance standards being met each year, but more complex and effective IHT planning is ensuring the best financial outcome for our client. Our entrepreneurial services team in conjunction with our tax department have given advice on the business valuation and the most tax advantageous route for selling the business.
“We have had quite a lot of changes in the businesses over the years and it’s been invaluable having French Duncan as our advisors during this time – they have been able to offer advice wherever it’s needed and have been happy to liaise directly with our solicitor to save us time. From transferring business ownership to advising on selling, we’ve felt confident that we’ll get the support we need, with our best interests at heart.”
Ned Lubiewski, Owner of Eastend Coachworks