Succession Planning: The Virgin Way
Despite being 72 years old, Richard Branson still leads the Virgin Group, but he has acknowledged that he has considered the issue of succession planning. Branson is a legendary entrepreneur who has built a global empire from scratch. The Virgin Group of businesses is now worth over $50 billion and includes over 40 companies in […]
<strong>Business Asset Disposal Relief</strong>
Business Asset Disposal Relief (formerly Entrepreneurs Relief) allows individuals disposing of qualifying business or business assets to pay a rate of only 10% Capital Gains Tax on sales. This 10% rate of Capital Gains Tax compares favourably with the current main rate of 20%. Who can claim Business Asset Disposal Relief? If you are selling […]
The Inheritance Tax residence nil rate band – are you sure you qualify?
From 6 April 2017, the standard inheritance tax nil rate band, which is currently £325,000, was enhanced by an additional “residence nil rate band” (RNRB). This was designed to be fulfilment of the Conservative party’s promise to increase the inheritance tax nil rate band to £500,000 per individual or £1 million per couple. The RNRB […]
Business Succession should be a forethought not an afterthought
The future belongs to those who believe in the beauty of their dreams Elanor Roosevelt Having spent many years creating and developing a successful business, there may come a time when you want to think about taking a step back and handing the baton on to others. For some this may mean reducing their hours […]
Passing on the family business
The life cycle of every family company is dotted with milestones both positive and negative. One of the biggest challenges facing family business owners is what they do with the business when they wish to take a step back or retire. Friend Partnership look at the logistics of family succession in a business and the […]
Inheritance Tax planning – don’t leave it too late!
For many taxpayers, Inheritance Tax (IHT) planning always seems to be on the bottom of their ‘to do list’. However, with the introduction of the Residence Nil Rate Band (RNRB), accountants and business advisers, Friend Partnership, advise that now is the right time to undertake some simple IHT planning. The RNRB was introduced on 6 […]
