Selling a business

[hog-man80]

Is there any advice for selling a business to a family member, and avoiding any surprises from the tax man.

 

Paul.

[honeybee13]

Hello Paul.

 

I think you need to tell us more about what you want to do please, so we can advise.

 

HB

[Stigman]

Is there any advice for selling a business to a family member, and avoiding any surprises from the tax man.

 

Before the taxman, is this a Limited Business? If so are their any other shareholders?

 

Or, Are you a Sole Trader? Or a Partnership and only you selling your share?

 

Stigman

[hog-man80]

Sole trader, not VAT registered, not a LTD company, no shares, just a one man band. My son wants to take over, but can't afford to buy outright, so he would have to pay as he went along, which I am happy with. My concern is what the tax man may think of the arrangement, and whether I may be liable for any tax's.

Paul.

[ericsbrother]

when you sat sell the business, what assets are you selling? tools of the trade? stock? vehicles, premises? all have different tax liabilities according to how they are accounted for in your tax returns.

If just goodwill why?

[hog-man80]

The assets would be stock, tools, and goodwill. The premises are rented. I want to treat my son as best that I can, so I don't want top price, but I also don't want the revenue saying it was sold to cheaply.

Paul.