Selling Your Business

By Lee Hadnum

Overview

Selling a business requires careful tax planning. Get it right and you will reduce or even eliminate your capital gains tax and income tax bills. Get it wrong and you could end up paying a large chunk of your profits to the taxman.

This unique and recently updated selling a business guide tells you everything you need to know about paying less tax and maximising your profits when you sell your business.

This guide is essential reading for anyone selling a company or sole trader business.

Even if you have a good accountant you should read this tax guide if you're selling your business – it contains shed loads of interesting new tax saving ideas and highlights various dangers and traps to avoid.

What's in the Guide?

Like all Taxcafe’s tax guides, Selling Your Business is written in plain English and is full of examples and tax planning tips.

The guide covers the following key tax issues for anyone selling a business:

• Clear explanation of how capital gains tax is calculated when you sell your business.
• Everything you need to know about Business Asset Taper Relief: how to safeguard it and ensure your profits are taxed at less than 10%.
• How to make use of Gift Relief, EIS Relief and Business Property Relief (BPR).
• The tax benefits of share exchanges over cash sales.
• Things you should consider before selling: extracting cash and assets, termination payments etc.
• How to make use of 'earn outs', 'hive ups', conditional contracts, and options.
• Detailed look at the benefits and drawbacks of selling the company's assets instead of your shares.
• How to allocate the proceeds from the sale to reduce capital gains tax and maximise your capital allowances.
• How to make sure the transaction is outside the scope of VAT.
• How to make the most of trading losses and capital losses on assets.
• Benefits and drawbacks of transferring assets to your spouse.
• The pros and cons of emigrating to avoid tax.
• Pros and cons of incorporating a sole trader business before sale.
• Tax saving action plan for anyone selling a business.

About the Author

The Author of Selling Your Business is Lee Hadnum. Lee is a rarity among tax advisers having both legal and chartered accountant qualifications. After qualifying a prize winner in the Institute of Chartered Accountants exams, he also went on to become a chartered tax adviser (CTA). Having worked in Ernst and Young's tax department for several years Lee now has his own tax consultancy. He is author of a number of tax guides and provides personalised advice through our popular Question and Answer Service.

Ordering Information

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Please note that you will be purchasing your copy of Selling Your Business direct from Taxcafe Ltd. Paying Less Tax is an affiliate of Taxcafe Ltd.

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Printed Guide £24.95

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