Planning for the succession of your business: Why you should start today
When thinking about the future of your business, you might consider selling it or passing it on to the next generation. Selling your business involves dealing with taxes like Capital Gains Tax (CGT), but there are reliefs available, such as Retirement Relief and Entrepreneur Relief, to help reduce these costs. On the other hand, passing your business to your children involves additional taxes like Gift Tax and Stamp Duty. Planning ahead can help you manage these taxes effectively. For more detailed advice, reach out to FDC Tax Department Ltd.