In the UK and abroad, manufacturers and suppliers in the automotive industry 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 faced by the industry is 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 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 book-keeping, 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 how to optimise the effectiveness of the finance function.
- Forensic reviews: reviews and forensic investigations into potential fraud and any 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 resulting in a very low rate).
- Capital allowances claims, including maximising historical acquisition and current refurbishment and refit claims.
- Organisational structuring guidance, including creation of most tax efficient structures including Propco:Opco and conversion of LLP’s.
- 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 and retirement and succession planning.
- VAT advisory: key 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 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.