TAX PROJECTS MANAGED

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Legal Entity Rationalisation

Most groups, particularly those that have grown through acquisitions, will have redundant companies in their legal structure. Each one costs money in annual compliance, and takes up valuable management time in administration. Based on a recent study by a Big Four firm, while a ‘rule of thumb’ estimate of £10,000 to £20,000 annual savings per entity is often used, this can significantly under-estimate the savings. The study calculated overall annual savings in excess of £400,000 per entity per year. Simplify thinks this is overstated, but has often seen savings in excess of £100,000 per year for operating companies that are closed after merging their businesses with other group companies.

Legal Entity Rationalisation, or LER, Projects enable a group to close down companies that are not needed, but it is vital to make sure you close the right companies and in the right way.

This is where Simplify can help.

Simplify offers a new solution: a flexible, dedicated and experienced resource to manage the project for you:
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Flexible

Pay as you go – no fixed term contracts. All LER Projects will fluctuate in their time demands, so having a flexible resource is very beneficial to you to manage the cost of the project.

Dedicated

Simplify will be dedicated to your LER project, so they will not be side-tracked by the “day job” as an employee might.

Experienced

Tom Churton has been managing global LER projects in a variety of sectors since 2014, gaining significant experience which he can bring to your project.

Tax Governance projects

Running a tax governance project requires the same skill set as an LER Project, but specific experience.  Simplify has both that skill set and the experience. This includes:
Setting up a Tax Risk Framework.
Optimising Tax Compliance (including BEPS 2.0) or 
Understanding and managing risks in the labour supply chain.

 

For all of these, Simplify can assist as a flexible, dedicated and experienced resource.

PROJECT MANAGEMENT

One of the most important aspects of a successful project is project management. Getting your project completed in a timely and cost-efficient manner requires experience and a specific skill set. Simplify has both these things:

Experience

The experience to understand what works and what does not.

Skill Set

The skills to run the project efficiently without taking up your time unduly.

The Simplify philosophy is that while project management is about managing the project, it is more importantly about engaging and understanding the people involved, as each person will have differing view points, needs and priorities.

There are no meetings for meetings’ sake. Instead we operate with appropriate communication, and a robust process which is tried and tested.

EXPERIENCE

After 27 years working as a tax adviser for Big Four accounting firms and in-house at large UK-based global FTSE 100 groups, Tom launched Simplify in 2022 to offer an alternative way for large corporate groups to efficiently manage their tax projects based on his experience and skill set.

As an employee of a large listed security group based in the UK, Tom managed the LER project which resulted in 251 entities being closed globally. In addition, he set up their tax risk framework and redesigned the corporate tax return processes to remove waste. He also managed the group’s tax risks including the labour supply chain.

Tom is currently managing two global LER projects for very large PE-backed groups. He is also assisting in the management of a third project for a private group. All these projects are in different industry sectors.

Each entity closure offers its own unique challenges, either in the steps required to clear out the balance sheet, or the legal process to close it. Tom’s experience and robust processes make navigating these challenges much easier.

Tom has written an article on LER Projects which was published in Tax Adviser magazine – click here to view.

Entities Closed

266

Countries

91

Planets

1

LET’S TALK,
07434 841 421

If you think we might be able to help your organisation give us a call on the number above or drop us a message.

Simplify Your Group Limited is a member firm of the Institute of Chartered Accountants in England and Wales.

Simplify Your Group Limited is a company registered in England & Wales with company number 13989780. The company’s registered office is 20 Asher Reeds, Langton Green, Kent, TN3 0AN

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