Tax Planning

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... »

Tax Planning – Farmland

With the many tax reliefs available, there are opportunities for tax planning with farmland, in order to mitigate the liabilities that may arise in the absence of planning. Introduction Farming and land ownership are both long-term activities in which businesses have traditionally been passed down the generations. As farmers have held their capital in relatively illiquid assets, such as land and buildings, capital based taxation has been severely damaging to farms and farmland in the past. However, there are some capital tax reliefs that can mitigate the impact. Where may investment in farmland be appropriate? Tax planning with farmland may be appropriate where: the potential inheritance tax (IHT) reliefs are attractive significant capital gains from the sale of business assets need to be ... »