Switch Concepts Ltd Case Study

Introduction

Switch Concepts Ltd provide a service which improves digital advertising revenues for its clients and is designed for publishers and ad networks.

Background

Inspire have worked with Switch Concepts Ltd from the initial set up of their business in 2008. The directors at Switch are serial entrepreneurs and this is their third business venture. When Inspire started working with Switch the vision of the directors was to grow the business rapidly with a view to grooming the business for future disposal.

How Inspire have helped Switch Concepts

The task for Inspire was to provide not only accountancy and advisory services but also provide Switch with a partner who they could trust and work with to achieve their goal of growing the business fast and to support them with the challenges that would come with their vision.

Inspire have provided the required support to Switch and its three directors which has enabled them to pursue their business goals, they have done this by providing Switch with a wide range of services. A key factor to the good relationship that Inspire have with Switch is the success lying in the ‘trust’ which has been built up, we also have a great track record of delivery.

Projects that Inspire have worked on with Switch have included:

  • Research & Development projects – Inspire worked with Switch to ensure maximum benefit for the client, by way of an in depth analysis of costs to ensure compliance and expenditure would qualify for additional allowances.
  • Patent box elections – saving tax. HMRC have confirmed that Switch were one of the first businesses in the country to have a patent box application accepted.
    Inspire supported the business in setting up an EMI scheme to aid retention and motivation of key employees. Inspire presented this scheme to their staff and worked with Switch’s external legal advisers.
  • Inspire worked with the directors on their personal tax planning and gave pensions advice using the Inspire Financial Services team. This led to significant tax savings for the client by using unused allowances. By using our financial services offering we could give the client an all-round service from Inspire.
  • Inspire provides ongoing advice and is used by the directors as a sounding board on business issues that they face.
  • Inspire advised Switch on their recent office move which included advice on how best to treat the costs of fixtures and fittings and other refurbishment.
  • Advice on company car incentive scheme was given by Inspire.
  • Inspire used our membership of the International Referral network to ensure that the business remains compliant in its overseas trading and is appropriately structured for both legal and accounting matters.
  • Since the inception of RTI Inspire have provided a payroll service for Switch’s employees where Switch didn’t have any in house expertise.
  • One of the challenges that Switch faced with a rapid growth was ensuring that they had practical and robust internal controls, Inspire worked closely with them to ensure they had a control system in place to cope with business growth.
  • Most recently, as the business seeks to grow further and build new capabilities we have supported them through an acquisition process – providing a tax and advisory due diligence service. This is a significant acquisition from a major UK PLC.

Summary

The outlook for Switch Concepts is very good. As it grows, Inspire will continue to adapt our approach to meet its changing needs and direction.
The business has grown rapidly from £300,000 turnover in 2010 to £20,000,000 + turnover in 2016.

Switch Concepts were nominated and came runners up as Sunday Times – Fastest growing Technology Company for 2013 and 2014.

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