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Selling your business – make sure you get full relief! With few tax-breaks available to business owners at the moment it is worthwhile knowing about one that is still very much still alive and kicking and can significantly benefit business owners planning to sell. Entrepreneur’s relief was introduced in 2008. From 23rd June 2010 the first £5 million of gains that qualify for relief will be charged to Capital Gains Tax at an effective rate of 10 per cent. Gains in excess of £5 million will be charged at the normal 18 per cent or 28 per cent rate dependent upon an individual’s taxable income rate. An individual will be able to make claims for relief on more than one occasion, up to a lifetime total of £5 million of gains qualifying for relief. Prior to June this limit was £2m. As always with tax reliefs it is important to be sure that the precise conditions of the relief are met and points to watch out for in Entrepreneur’s Relief are... Read the full blog here... Share your experiences Add your own comments to any of the blogs that really strike a chord via the Parker website.	Act now for tax savings, or lose the opportunity forever As the tax year end approaches now is an ideal time to review your tax and financial planning requirements. High earners in particular could save a considerable amount of money by implementing some tax planning ideas before 5th April this year. Read more... At last good news for retailers Apparently the retail sector got off to a flying start in January 2011, with sales up 9.1 per cent on the same time last year. Although there was a small fall in like for like sales in February footware and food and drink sales are holding up. Read our tips to help retailers take advantage of this initial surge. Read more... New annuity flexibility worth exploring With new rules applying from 6 April 2011 those approaching the stage where they need to buy an annuity should explore their best options. Read more... For advice on all accountancy and financial issues contact Parker Chartered Accountants and Financial Advisors on 0121 764 5161.
Regards Andy Parker Parker Chartered Accountants + Financial Advisors