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A brief tax guide to buying and selling family and owner-managed companies

jon February 05, 2011 business property, Business tax, capital gains, corporation tax No Comments

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plant and machinery at the funfair

Plant and machinery at the funfair

If you are thinking of selling your business or thinking of buying one, please do get tax advice at the outset. Of course commercial considerations are paramount, but once you have decided in principle upon making a move to sell, or a move to buy and started looking at the numbers, do take into account that those numbers may be affected in a major way by tax considerations.

Selling the owner managed company

In most circumstances a small owner-managed … Continue Reading

Taxation of Furnished Holiday Lettings

jon June 27, 2010 business property, capital gains, loss, losses No Comments

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Rather than bore you with another “Emergency” Budget Summary, and many of us including me have been inundated with very similar emails and documents containing the “key” facts, I am going to be picking out and expanding on a few items of interest. I think Furnished Holiday Lettings are a good place to start because they are an area of entrepreneurial potential and should be of interest to many.

In the 2009 Budget Chancellor Darling announced that the special arrangements distinguishing Furnished Holiday Lettings (FHL) from other types of letting … Continue Reading

The 50 Day Budget and idle speculation

jon May 16, 2010 budget, business property, capital gains, National Insurance, planning, vat 1 Comment

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We have a new Government in place and a new fiscal policy which we will learn about in the coming weeks. We know that there are going to be tax rises and we know something of what they will be, as well as of other measures.

  • The National Insurance increase planned for April 2011 will be only for employees. The “jobs tax” element of the increase which would have been imposed by the previous administration is not going to take place; at least not until the economy and jobs market seems to be recovering.
  • The tax free income tax Personal Allowance will … Continue Reading

Pitfalls in faulty contracts – partnership and shareholder’s agreements

jon November 25, 2009 advice, agreement, business property, contract, IHT, inheritance tax, partnership, professional, shareholders No Comments

I have been writing elsewhere about the dangers of using templates and adapting borrowed contracts and agreements rather than paying for professionals to draw up new ones. It is time to be specific.With regard to partnership business assets, there are generous, though one might say prudent, reliefs from inheritance tax which can amount to 100% of the value of the capital account and 50% of the share of buildings, land, and plant and machinery. That means that the heirs have the opportunity to receive up to the whole value of a deceased partner’s share of a business, … Continue Reading