When you transfer ownership of a business you are likely to face a significant tax bill, which could amount to more than half of the sale price. However, with skilful planning from RSM Tenon’s tax advisers it is possible to minimise or defer at least some of these taxes.
Working with colleagues in financial management, we will guide you through the most appropriate ways to structure your transfer of ownership, whether that hand-over is planned for the near or distant future.
RSM Tenon recommends that for maximum effect and wealth efficiency your tax-planning should start several years in advance of the transfer. In developing an effective succession tax plan we will take into consideration:
- Employee participation
- Flexible benefits packages
- Creation and preservation of favourable capital gains and inheritance tax rates
- Tax-efficient extraction of profits.