Moving on from the Business
At some point in time the business owners may conclude that the time is ripe to move on.
This could be because the business itself has reached a point where a step change expansion will need resources beyond those available to the current owners, or that the passage of time has meant that the people running the business wish to reap the reward of their hard work and leave the business to the next generation of management.
Tax planning at this point of the business life cycle is crucial, as failure to take appropriate steps can result in wealth unnecessarily leaking out into the hands of the taxman. The TACS Partnership can assist to deal with issues such as:
- If I sell my shares in the business, what tax do I pay?
- If I sell the trade my business undertakes, what are the tax issues?
- Should I take out a dividend from my business before I sell my shares?
- I want to pass on the business to my family. How do I do that?
- My management team want to take over the business from me. What do I need to think about?
- We are selling the business to another company, but they want me to stay on after the sale for a year. What are the tax issues on my sale proceeds and my salary after the sale?
- Share options will mature when we sell the business. What are the tax impacts?
- When I sell my business, I will be investing the proceeds. What tax will I pay on those investments?
The TACS Partnership can guide you through the maze of tax issues you will face when a business is sold or the ownership of a business changes. This is a time of real risk that wealth will be dissipated by unnecessary tax charges and timely advice can be crucial.