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Advisers thinking of selling their business.

Saturday October 2020

Advisers looking/thinking to sell their business should consider doing so before the 2021 budget because next year could see tax rises that reduce the value of sale proceeds or make buying a firm more costly!
Given the levels of government borrowing, public finances need to be repaired and tax rises in the next budget cannot be ruled out, it has been mooted that the chancellor could align Capital Gains Tax with Income Tax and increase Corporation Tax from 19% to 24%. Such changes could reduce the net proceeds of sale on a disposal and put further cash flow pressure on companies trading through the pandemic.
The UK's national debt currently stands at over £2tn, having risen substantially to pay for the furlough scheme and other initiatives to support the UK during the pandemic. Many commentators had suggested Capital Gains Tax as a likely target, along with Corporation Tax.
If you want to have a chat about selling your business please call Gary on 07712 899683

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