Minimising capital gains tax
Q: Choosing a personal finance/ tax adviser and how they can help minimise the capital gains and tax you will pay when you sell?
Choosing any adviser is really about finding someone you trust to stand in your corner but with a measure of professional objectivity - this is particularly important when it comes to selling your business with a potentially risky mix of financial and emotional considerations.
Of course, your adviser should also have the technical skills and resources you need to meet the particular circumstances you are in - ideally, he or she should be a chartered tax adviser or chartered accountant with specialist experience of business and personal taxes so they can advise on the interaction of these and achieve the best overall result for you.
The advice should encompass a review of the timing of any potential transaction together with the corporate structure and any changes that need to be put in place in advance.
A good adviser will invest time and effort in seeking to understand your business and your personal motivations. They will understand what you want to do after the current transaction and, in the longer term, can make a major difference to the advice given.
Understanding the history of your business and your future goals will affect not only the rates of tax potentially payable but also the planning opportunities available to you and this planning should be tailored to your personal circumstances. Be wary of an adviser who starts outlining ideas before gaining an understanding of you and your business.
Finally, remember that the earlier you consult a tax adviser, the better. It should be considered as much a part of the preparation for sale as getting your funding and management structure right and can open up more options.
The ideal adviser is the one who will work with you and your team to assist in planning for your objectives and help put a personal strategy in place. So, look for an adviser who is interested in your aims, doesn’t make assumptions about what you want out of the deal and who you feel you can work with.
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