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Closing a company - can you take tax-free profits?

You and your fellow shareholders want to shut down your company as it’s no longer trading. It has cash and other assets worth around £50,000. A colleague says £25,000 of this can be paid out tax free. Is this correct? More...


Avoiding the buy-now-pay-later tax trap

You’ve agreed to sell your business to your employees. You and they are keen to keep the arrangements simple, the trouble is they can’t afford to pay all at once. If you agree to instalments will this cause any tax problems? More...


How much should an investor pay for shares?

You set up a business several years ago and it’s been successful. You’re looking to bring in a new investor by offering shares in your company. Should you sell some of your shares or get your company to issue new ones? More...


Using your home for business and capital gains tax

You’ve converted a room in your house into a study so that you can work at home more often. A colleague tells you that this can mean that you’ll lose some of the capital gains tax relief that usually applies to homes. Is he right? More...


Sell shares in your company for less tax

You’re leaving the company and naturally your fellow shareholders want you to give up your shares. The plan is for the company to buy them by instalments. That suits you, but there’s a potential tax trap. What is it and can it be avoided? More...


Don’t miss out on ER when you sell your business

If you sell your company capital gains tax usually plays a significant part in how much you’ll ultimately receive. Entrepreneurs’ relief (ER) can considerably reduce the tax payable, but it can easily be lost. What do you need to watch out for? More...


Avoiding the CGT cash trap

Entrepreneurs’ relief can lower the tax rate on gains made from selling your company to just 10%. But if your company has significant cash investments this generous tax break can be jeopardised. What steps can you take to prevent this? More...


Breaking up is hard to do - for directors

In case of a break up where both you and your spouse own shares in your company, you’ll need to act fast to avoid a potentially huge tax bill. What’s the problem and how can you dodge it? More...


Emergency Budget looming

The countdown has begun to the coalition government’s first Budget which is set for June 22. There could be some radical changes; how might it affect directors? More...


No relief for your losses

Where you invest in your own company and the worst happens, making your shares worthless, you would expect your claim for loss relief to be given without question. But as a recent case shows, the Taxman has other ideas. What’s the story? More...
Last updated: 07.08.2020

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