In the UK and abroad, automotive manufacturers and suppliers are responding to many challenges, including the globalisation of supply chains, industrial digitisation, and sustainable mobility.
Manufacturers are also facing a sustained rise in the cost of raw materials and the adverse impact of the weak sterling. Moreover, the environmental challenges the industry faces are changing the entire industry. Cost optimisation and the ability to offer innovative products are now at the heart of the priorities of the automotive sector. With our experience, we support clients in the UK and overseas to:
- Optimise production costs and financial performance.
- Manage financing or working capital arrangements efficiently
- Integrate sustainable development into the strategy
- Control financial, IT and operational risk
We rely on our experience to offer a full range of services and support businesses of all sizes in the following:
- Accounting and Financial Reporting: assistance with bookkeeping, preparation of management accounts and composite reporting, advice and support with the conversion to new UK GAAP and financial reporting and cash flow modelling and forecasting.
- External Audit: audits specifically tailored to cover motor dealer risks such as valuation of used cars, accuracy of bonus income and warranty provisions.
- Internal Audit, Control Reviews and Finance Function Effectiveness Reviews: motor tailored cost-effective assurance over daily and weekly operating controls and month-end reporting, together with advice on optimising the finance function’s effectiveness.
- Forensic reviews: reviews and investigations into potential fraud and contractual disputes.
- Tax Compliance Support and Tax Planning and Mitigation: preparation of tax returns and tax advice/queries plus mitigation, particularly in the following areas:
- Corporation tax compliance and returns (we actively monitor enquiry rates on our clients, which results in a meagre rate).
- Capital allowance claims, including maximising historical acquisition and current refurbishment and refit claims.
- Organisational structuring guidance, including creating the most tax-efficient structures, including Propco: Opco and conversion of LLPs.
- Optimising tax structures for acquisitions and disposals.
- Employment taxation advice and support, including Fleet and Company Car schemes, BIK and PAYE advice and auto-enrolment.
- Employee incentive schemes planning.
- Wealth management planning, income tax retirement and succession planning.
- VAT advisory: critical tax advisory service for motor dealers led by our team of very experienced motor-specific VAT experts.
- Strategic Reviews: strategic operational and financial reviews of dealers to provide an overall health check and advice on potential profit improvement or exit options.
- Corporate Finance Advice: advice and support on deal strategy and execution of all M&A activity, including acquisitions and disposals and covering:
- Sell-side advisory, purchaser identification, and grooming of the business for an exit.
- Due Diligence on target.
- Valuation and purchase price negotiation and agreement.
- Financing options and optimisation, including existing financing arrangements.
- Post-deal integration advice and support to maximise return.