Your Essential Guide
META DESC: Sell your business without making costly errors by bringing in a professional accountant during the process.
Thinking of selling your business in 2023? It can be a complex process – but with the right support from your accountant, you will be able to navigate it with ease. As one of the leading accountants in Peterborough , we are here to help.
Selling Your Business
Selling your business is something that can take a lot out of you – both in terms of time and emotion. You built the business from the ground up, and although the sale may open new doors for you, it can be a fraught process to say goodbye. Add to that all the financial and legal complexities of handing it over to someone else, and you have a situation where it can be all too easy to make errors that can cost you money or delay the sale. So, it’s a great idea to call in professional help where you can!
Preparing For The Sale
First comes the small matter of preparing for the sale. You should make sure that your business premises are clean and tidy, and that all windows and doors can be locked and opened to guarantee security and ease of access. You should also make sure that all contracts and leases relating to your business are in good order, and that all clients and anyone else you deal with frequently are aware of the sale. Last but not least, make sure that any inter-company disputes have been resolved.
Due Diligence
Any buyer who is considering putting in an offer for your business will want to carry out rigorous due diligence. This will help to confirm that they are getting the best possible deal and will not be left with any nasty surprises once the sale has gone through. You should make sure that you have all the necessary documentation to hand, and that your books are up to date. Any areas that may raise questions should be backed up with appropriate supporting documents. We can provide support during this stage.
Your Tax Obligations
There are a number of tax implications that come with selling a business – and all too many people are unaware of this. If you make a profit when you sell your business, you will need to pay Capital Gain Tax (CGT) on anything over your tax-free allowance. Business asset disposal relief and business asset rollover relief are two kinds of tax relief that can help you to reduce the amount you pay out – and we will ensure that you benefit fully from any applicable relief schemes.
What Next?
Once you have sold your business, what comes next? You may use any proceeds from the sale to expand your business portfolio – and we are here to provide you with all the accounting services that you could need. Whether you are starting over with a new business or investing in another company, having a professional accountant in your corner will not just ensure that you only ever pay the tax that you owe, but help you to make sense of the constantly evolving rules and regulations for running a UK business.
To find out more, please get in touch with our team today.
