[common]

It will be a relatively small amount i.e. £50K - how do I ensure I keep as much as possible and the tax man gets as little as possible?

This is not my main source of income and I have not paid myself any money from this venture yet

Thanks for any advice

[Ultima]

What type of business is it?
How long have you been trading?
Did you buy it? and if so how much did it cost? and when did you buy it?
What are you selling??? Stock, fixtures, goodwill????

Martin

[common]

Hi Martin

What type of business is it? - Web Based Job Board
How long have you been trading? - 12 months
Did you buy it? and if so how much did it cost? and when did you buy it? - no, started from scratch
What are you selling??? Stock, fixtures, goodwill???? - software and database, so no premises or stock as such

Shane

[Duncan G]

Originally Posted by common

It will be a relatively small amount i.e. £50K - how do I ensure I keep as much as possible and the tax man gets as little as possible?

This is not my main source of income and I have not paid myself any money from this venture yet

Thanks for any advice

Lie.

[common]

no it isn't

[Ultima]

Is it a Limited Company???

[common]

Yes, Ltd Company

[Ultima]

Originally Posted by common

Yes, Ltd Company

Ahhh, so are you selling the shares in the company or is the company selling the business??

[common]

and here is where I start looking a little confused - I have no need for the ltd company after I sell so whatever is more cost effective I guess....

[Ultima]

Anyway, the questions and answers could go on forever, but in general, to maximise CGT reliefs you should try to have owned the shares for 2 years before selling and sell the shares instead of the company selling the business. If the company sells the business there is a potential double tax charge on you which is obviously better avoided.

Slightly complicated but not really with professional help. It's best to visit a qualified accountant for the advice, the costs of which should be pretty reasonable for this sort of situation.

Martin

[common]

Thanks for your help mate

[Ultima]

Originally Posted by common

Thanks for your help mate

No problem. PM me if you need any further help and advice.

Martin