Latest News from Everett Masson & Furby
Looking to Sell Your Business? Act Now to Save on the Cost of Business Sales
Looking to Sell Your Business? Act Now to Save on the Cost of Business Sales
As a new year begins, business owners need to keep up with financial and tax changes that could affect their future plans. A big change from the Autumn Budget was the rise in Capital Gains Tax (CGT) rates and tweaks to Business Asset Disposal Relief (BADR) (previously known as Entrepreneurs' Relief).
Over the next two years, both the CGT rate and BADR are set to rise meaning now is a good time to sell your business to ensure that taxes don’t eat up too much of your profit from the sale. Let's look at the details:
- Capital Gains Tax (CGT): You pay this tax on the profit you make when you sell something, like your business. An increase in the rate would mean you owe more in taxes.
- Business Asset Disposal Relief (BADR): BADR gives you a lower CGT rate of 10% on certain business sales, up to a lifetime limit. The increase to 18% will make this relief less valuable, so sellers will pay more tax.
If you're thinking about selling your business, now is a good time as selling before these changes start could save you money and help you keep more of what you've earned.
Selling a business needs careful planning especially given upcoming tax changes. At EMF, we help business owners get the most value from their sale while cutting down on unnecessary expenses.
- Smart Timing: By moving now, you might still get the benefits of current tax rates.
- Professional Appraisals: We give accurate estimates to make sure you get the best price for your business.
- Custom Advice: Our skilled team gives personalised tips to help you handle the tricky parts of selling, ensuring a smooth transaction from start to finish.
With the right help, you can turn these tax changes into a chance to gain, not lose. Whether you're set to sell or just looking at your options, it makes sense to start talking about it sooner rather than later. Get in touch with us now to talk about selling your business and learn how to safeguard the worth you've created.