Tax Zone

Welcome to the Tax Zone. This area of the site is dedicated to keeping you updated on changes to tax legislation and its effects on financial planning. Here you will obtain detailed analysis on the budget, hints & tips and planning opportunities resulting from any changes made. This is intended to be a valuable resource for all our clients who wish to keep up-to-date and have a desire to take control of their financial affairs.

The Partnership always acts in the best interest of our clients. We work hard to ensure you receive the right advice and information enabling you to make the decisions that are best for you.

The content on this website is purely for information purposes only. Decisions should not be taken based solely on the content of the website and advice from a suitably qualified individual should be sought first.

From company to self-employed

The transition from company to self-employment is not seen often. Generally you see individual incorporating their business into a company with the main motivation being to limit exposure to taxes and personal liability.

We are however living in a very difficult time regarding business and wealth which has seen many owner managed businesses wishing to dis-incorporate to take advantages of the lower compliance costs and the ease of record keeping.

Historically, a number of 'exit charges' existed when transferring the business trade and assets out of a company. These being the realisation of balancing charges on plant and machinery and the realisation of capital gains on the goodwill (value of the business over and above the fair value of assets).

New, higher limits now exist making it easier for small businesses to extract assets and goodwill from their companies. Our governing body, the Association of Chartered Certified Accountants have prepared a detailed article which i would like to share with all those considering dis-incorporation. Please CLICK HERE to read further. 

Planning tip - The date you transfer assets will be very important. the balancing charges/allowances may determine when is best to dis-incorporate so you can either defer any tax liabilities or accelerate any tax relief.

Always seek help from a chartered registered firm of accountants before before taking any action.

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