Luxury loungewear brand seeking commercially aware advisor able to handle the complexity of their expanding business
Our diverse range of expertise enabled us to accommodate Om & Ah’s particular requirements.
Om & Ah London Ltd are an ethically sourced luxury loungewear brand. Incorporated in 2016, four years later they have an annual turnover of approximately £5 million. As a start-up retail business, they were using a small accountancy firm in Yorkshire, but as the brand grew rapidly, they realised quickly that they had also outgrown their accountants in terms of service and expertise.
It was clear that they needed an advisor who understood the industry they were in, and who was able to handle the complexity of their expanding business. In particular, they needed assistance with overseas tax issues in the US and Europe due to their global market, advice in terms of director remuneration and the tax impact of dividends, and a clearer understanding of what Government Coronavirus support was available to them due to the financial impact of the pandemic.
How did Blick Rothenberg help?
Our diverse range of expertise enabled us to accommodate Om & Ah’s particular requirements. We took on bookkeeping and management accounting services which we continue to provide today.
We were able to advise on tax complications arising from selling in the States. We also performed a review of their European sales to ensure the correct VAT rates were being applied and that they were compliant to avoid any issues or penalties arising in the future.
By drawing upon our specialist expertise in VAT and Customs we advised our client on how Brexit could potentially impact their exports and what additional reporting responsibilities they may have.
We were also able to offer them recommendations on how to ensure their business was prepared for the potential financial difficulties that could arise from the Coronavirus pandemic.
And in order to boost the cash flow within their business during uncertain times, we advised that they defer VAT payments. This meant that they did not have to pay a large sum of VAT in one go and could instead spread the payments over several months. This also assisted their financial plan in the long-term with cash-flow forecasting.
Our breadth of expertise ensured Om & Ah had access to dedicated business advisors and teams who were able to help them whenever it was needed and in whatever field was required. Instead of going to several different firms that would only be able to provide advice on a specific area, our consolidated approach enabled them to get all the advice they needed in one place.
Our partner-led approach and specialist support meant that all of their needs were met, with our expert teams managing everything from US tax implications to VAT, customs and Brexit forecasting, saving them a great deal of time, money and hassle. Our advice enabled them to expand their business into the US and Europe, as well as continue trading through an unprecedented and difficult time during the pandemic.