Are you looking to sell your business or simply looking to retire? Have you considered the most tax efficient way of closing your company?
There will come a time when you will want to sell your business or pass it onto loved ones. Maybe you are looking for a career change, perhaps you want to travel or maybe it’s time to retire. Whatever the case may be, we can help you exit in the most efficient way.
Exiting a business can have various tax consequences, Capital Gains Tax being an obvious one. If you are gifting your business to a loved one it can have inheritance tax consequences to. If you operate a limited company, depending on your situation, you may want to consider a Members Voluntary Liquidation (MVL). The benefit of MVL is that you can pay a capital distribution which attracts a lower rate of tax.
Alternatively, you may be looking for a buyer in which case your situation will depend on how you sell your business and the tax consequences can vary depending on the route you take.
Some companies decide to set up an Enterprise Management Incentive (EMI) scheme to retain key staff while they look to find a buyer for their business. Whatever the case may be, Dhikr Accountants will be with you every step of the way.
How we can help?
Exit planning is a complex area and what approach you take will depend on where you are with your business and what you are looking to achieve. Here at Dhikr Accountants we will review your business and exit plans, we will then advise you of the most tax efficient way of undertaking your exit.