Any client that has a business interest needs to consider the implications of succession planning should anything happen to him or her to ensure that the Assets and control of the business remain with the people that the client decides should influence the running of the business.
The advice needs to take into account, tax implications both now and in the future, any Trust that would help and the structure of the business, whether sole trader, partnership or a Limited company and the people chosen to run the business into future generations.
We can help provide the advice and options that are open to you the client and the relevant implications on the possible decisions arrived at. We can discuss Business or Agricultural property relief and the impact on both Income and Capital Gains Tax, the correct planning can help save thousands of pounds further down the line.
The meeting for discussing this very important area can take place in the comfort of your own home or in the workplace whichever is more convenient for you. Part of the discussion also helps focus the mind on areas often missing in business such as having a Partnership or Shareholders agreement in place and the importance of having Lasting Powers of Attorney drawn up to ensure the right person or people are in place should an unforeseen accident or illness leave you without the capacity to make important decisions in the day to day running of your business.
As the business develops over the years you will be able to turn to us for help with any changes that you may wish to make with regard to your Estate and Inheritance Tax Planning.