Tax Watchouts On Selling Your Business
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  Date: 01/05/2011 If you're selling your business, don't overlook the tax implications. There are considerable savings available if you can get it right. It's not just the price that matters if you're selling your business - don't overlook the tax implications. Michael Jones, of tax accountants and business advisers Cummings Flavel McCormack, says exploiting all the CGT concessions which may be available to you will reduce your tax bill considerably - down to zero in some cases. If your business is a company, you'll probably be better off selling your shares in that company rather than the business assets. And intellectual property, like software, should be sold through a separate company so that it will be classed as an asset and attract the CGT concessions. Earn-outs also need careful treatment, as does goodwill which may have been acquired before the introduction of CGT in 1985. Consult your accountant or adviser! Topics: Accounting & Tax, Financial Management, Management |
 Michael Jones, Cummings Flavel McCormack |