Business Property Relief

Tax Planning: What to Consider When You’re Thinking Of Selling Your Business

Tax Planning: What to Consider When You’re Thinking Of Selling Your Business

One of the key issues for business owners planning to retire or sell a business centres on how best they plan their tax liability. To maximise the best outcome business owners should plan well in advance. In our experience, it is never too early to consider financial planning and whilst ‘younger’ businesses may not place this at the top of the agenda right now, the reality is that planning at an early stage can be structured to help with current tax liabilities as well as those on retirement or sale. Capital Gains Tax Both Capital Gains Tax (CGT) and Inheritance Tax (IHT) need to be considered carefully as part of the planning exercise and examined in close detail – without appropriate planning for these two very real scenarios business owners might find themselves or their ‘estate’, handi... »

Entrepreneurs Aged Over 60 Urged to Plan Exit Strategies

Entrepreneurs Aged Over 60 Urged to Plan Exit Strategies

With a third of UK business directors now aged 60 or over, Moore Stephens has issued a report urging older entrepreneurs to plan their exit strategy. Surveying 403,000 directors on the boards of 83,000 small enterprises, the accounting and advisory firm found that the average age of small enterprise directors today is 54 – suggesting that many will need to consider retirement plans in the near future. The report flagged that there is a misconception among business owners when it comes to exiting; many business directors said that they estimated it would only take a few months to get their company ready for a trade sale, when in fact it could take years. Moore Stephens has advised business owners to set up a trust well in advance of retirement, as well as looking at potential tax reliefs su... »