We’ve worked with Peter Wiggins at Flightdeck Ltd since the early days of Nabarro Poole, almost 20 years ago. During this time we’ve established a strong relationship, helping the company to map out and reach their goals as they continued to develop. Here’s what happened when Peter gave us the signal to wind down the business…
Flightdeck Ltd and Software Sculptures are both owned by Peter Wiggins. The former is a clever tool developed to bring all your business information into one place, while the latter specialises in creating, selling, and leasing SAS products to interested parties.
After meeting Nabarro Poole at an exhibition back in 2004, Peter transferred his services to us, and we’ve worked together ever since. Over the years we’ve provided support with accounts preparation, and intellectual property sale and subsequent re-purchase, as well as advising on shareholders’ and directors’ responsibilities.
But as the saying goes, all good things must come to an end. And with Peter’s retirement approaching, he needed our help to wrap things up.
A few years ago, Peter approached us with a view to winding down operations at Flightdeck Ltd in two or three years’ time. It had become evident that the need for the company entity had decreased, and therefore the time had come to close the doors.
The main challenge would be to extract any remaining assets while minimising tax payable and staying within HMRC’s rules. One crucial element to get this right is time. We needed to use this wisely to plan and project possible outcomes for the client.
Thinking outside the box
As the key focus was to extract the remaining assets compliantly, the Nabarro Poole team had to consider the options available. Luckily, Peter told us about his plans in advance, so we had plenty of time to set the wheels in motion.
By making Peter and his wife Liz shareholders of Flightdeck Ltd, it was possible to have two sets of personal allowances. We could then use capital gains tax to double the tax relief from HMRC.
On top of this, Peter and Liz were in the fortunate position where they didn’t desperately need cash assets, so we could put some funds into their pensions to avoid taxation.
Nabarro Poole has supported Flightdeck Ltd throughout its lifetime, and we’re particularly pleased with how we’ve successfully carried out our clients’ requests as they close down the company.
Peter Wiggins said, “We have complete confidence in Nabarro Poole. We understand they’ll offer suggestions and advice as appropriate without us having to ask the right questions. It’s comforting to know this is one important part of running a business where we won’t get things wrong.
“On closing down Flightdeck Ltd, the solution Tyler came up with was elegant and actually exceeded all our objectives, so we were very satisfied overall.”
Much of this was only possible due to the amount of time we had to carry out the necessary steps. Had we been given less notice of Peter’s intentions, we wouldn’t have had two years worth of accounts to play with.
Contact Nabarro Poole
If you have a similar business requirement, or are looking for a bespoke and personable accountant to act on your behalf, get in touch with Nabarro Poole today.