Helping your business move up a gear
The motor retail sector experiences continually high levels of competition with often complex issues. At MHA Carpenter Box our considerable experience in this sector means we recognise this, and are therefore well positioned to advise our clients, adding real value to the operation of their business.
Across our network we act for franchises with combined turnover of hundreds of millions of pounds with franchises including Vauxhall, Ford, BMW, Land Rover, Renault, Mitsubishi, Peugeot, Toyota, Suzuki, Hyundai, Nissan, Honda, Alfa Romeo, Chevrolet, Chrysler, Jeep, Citroen, Fiat, Skoda and Kia, amongst others. We act for dealerships throughout West Sussex, East Sussex, Hampshire and beyond. Membership of MHA gives us a national presence representing dealerships throughout the UK.
Global Expertise, National Experience and Local Excellence
In addition to looking after large dealerships we also look after many smaller garages who run both new and used sales and service operations.
At MHA Carpenter Box, we understand that entrepreneurs are driven by vision and thrive on change. We know the importance of seizing the advantage in a constantly evolving environment. We appreciate the powerful forces that motivate both small and medium sized businesses (SMEs) and larger enterprises chasing growth.
With our director led service, we build strong relationships with our clients and take a partnership approach. We have the knowledge and expertise to ensure that we provide proactive and timely advice enabling you to focus on taking the business forward.
We have acted as accountants and auditors to motor dealers for many years, and therefore understand how dealerships work and the conditions under which they operate. It is important that your finances are efficient and well looked after in such a highly competitive field – one that also has many specific accounting, audit and tax issues.
Our motor team provides a fill range of accountancy, tax and advisory services to dealers and manufacturers, including:
- 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. We are very experienced in leading multi-site location audits in the UK and internationally.
- 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:
- 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:
• 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.
• 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.
For more information on how we can help you, please contact Chris Reeves.