Can anyone point me in the right direction for guidance on selling a company? My client has decided to sell her business so I would really appreciate some info on this. I've looked on Gov.uk and all it says is the new director must be appointed before the business is sold. I really need a step by step guide as this is new territory to me.
It would be remiss of me not to give this advice Georgie. My sincerest appologies, this is not meant as anything personal but really they need to be talking to an accountant who has experience of such matters.
There are various reliefs and tax planning scenario's that the client needs to get right in order to ensure that they retain as much of their profit from the sale as possible.
I would advise perhaps talking with an ICAEW or ACCA registered practice with experience of sales who should be able to help.
kind regards,
Shaun.
p.s. the advice will not be cheaper but the client should still be better off via reduced tax liabilities than not pursuing it.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Yep, I had come to that conclusion myself after researching it this morning, and seeing your answer in black & white confirms this......I know about entrepreneur's relief and a capital gain it could possible trigger but that's about it. To be honest it's a relief.
Hi Georgie
I saw this earlier but didnt have time to post before I went out. But I absolutely agree with what Shaun has said. Plus of course having a good solicitor who is used to dealing with such business transactions (ie a Corporate lawyer, rather than a general practicioner) Its not only the tax liabilities that the Accountant will deal with, but that Accountant will be working very closely with the Corporate lawyer eg involved in certain parts of due diligence/sale agreement to make sure the other party has no nasties up their sleeve, best methods of payment for the shares other than immediate cash - earn outs, deferments etc, egal relationships with customers, suppliers and employees; warranties and indemnities, transfer of staff/Tupe regs. Also - as the sale is not agreed as yet - making sure she gets the right price multiple. Lots more too.
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
