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John M Taylor & Co | Accountants Paisley/Taxation/Vat Returns/Business Start Ups/Sage/Payroll/Bookkeeping

Tax Planning for Owner Managed Businesses

Click Here to Download our Free Tax Briefing

As a business owner, if you have not already given some thought as to how you would like to exit your business, then you will need to do so at some time in the future. The principal options will be to either sell your business to a third party or to sell, gift or leave it to your family. Whatever option you choose there are two very valuable capital tax reliefs that may come into play and both reliefs exist to reduce your overall capital taxation liabilities. These reliefs are 'Entrepreneurs Relief' for capital gains tax purposes and 'Business Property Relief' for inheritance tax purposes and we have published the following briefing to give an overview of these two reliefs and the key pitfalls that you need to avoid. To view our briefing please click here to download the pdf document. To open this file you will need to have Adobe Reader or similar software installed.

In many cases timing is critical so we would recommend you plan your exit strategy in advance to ensure you minimise any tax consequences. After reading our briefing, if you have any queries or would like some assistance in reviewing your exit strategy please give us a call today on 0141 848 7474.

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