Deciding to sell your business is a momentous decision and not one to be taken lightly. Understandably you will be focussing on making your business look as attractive as possible and the negotiation process. However, there are other issues you should also be thinking about which are equally important. Here is how we can help.
- Legals. We can handle all of the legal aspects of the transaction to ensure your rights are protected and you maximise your return while minimising your liability. Click here to find out about all our services.
- Capital Gains Tax Planning. You will no doubt be aware that selling your business will very likely create a Capital Gains Tax liability. However Entrepreneurs Relief is designed to help reduce that cost but you must ensure you meet all the conditions. Speak to your accountant about this very important issue.
- Inheritance Tax Planning. If your business is a trading one then it is very likely your interest in it is currently free of Inheritance Tax. As soon as you sell it however, you lose this protection. If you then die potentially 40% of your proceeds could be taxed. There are many tax planning opportunities available to consider before you sell and we have many years’ experience in this field. Click here to find out more.
- Review your Will. Your sale is one of those life events that cause you to think about what is to happen to your estate on death. Your investment in your business is probably going to be the most valuable asset you ever have alongside your own home. It is essential therefore that you say what should happen to ensure your family and loved ones are protected. Click here to access our Will writing service.
- Power of Attorney. A Lasting Power of Attorney allows you to choose who should look after your finances and property if you lose your mental capacity to do so yourself. They are an essential protection for all business and home owners. Click here to access our Lasting Power of Attorney writing service.
- Investing your proceeds. If you are selling your business, the chances are you will need to invest the proceeds to help fund your retirement. This requires careful planning in advance of the sale taking place as there may be opportunities to be gained by structuring the deal in a particular way. Click here to speak to an adviser.
- Pensions. You should also consider how both the business and your personal pension funds are affected by any sale. Again early advice is essential. Click here to speak to an adviser.