The motivation for running a business often involves taking control of your present in order to allow you to plan for your future. As much as running a successful business gives a great sense of achievement, for most the ‘long game’ is accruing the capital reserves to have the freedom to take a more relaxed lifestyle and eventually pass on the reigns in due course.
Apart from external trading issues, there are also internal pitfalls that could arise and impact your ability to see your plan through, events that could cause great financial difficulties to your company or even destroy it. Equally, HMRC would love you to simply maximise salary and bonus and never use more tax efficient methods of profit extraction and they would be delighted when you sell the business and don’t manage to achieve full Entrepreneurs Relief because no one told you about the traps that lie in wait.
If you are looking to eventually sell your business, you may not be aware of the full implications this can have on the Inheritance Tax status of the asset and its proceeds. When you sell your business, what was an IHT-free capital asset suddenly becomes cash and fully liable to IHT. Having an adviser who can help you move these proceeds back into an IHT exempt status might be distinctly advantageous.
QS Financial offers guidance on these issues and many more. Contact us for more information.
Protection against the unexpected is an important component in business continuation. You may have a key employee who dies or becomes unable to work, or you may face disruption or deadlock should a key shareholder die leaving their shares to their family. We believe it is crucial that your business is protected against these sudden, and usually unforeseen, events. QS Financial can offer advice on your potential risks and offer solutions to ensure that your company is prepared for whatever lies ahead.
Director's Income Extraction
QS Financial can help you understand the best way for you to extract income and preserve the maximum post-tax value as allowed by HMRC.
Workplace Benefit Schemes
We have many years of experience in designing and administrating workplace benefit schemes. We have a strong belief in tailoring schemes to fit your company and to deliver effective communication to your employees so that they can understand the benefits you are providing for them.
Whether you are an expanding company looking at introducing a benefits scheme for the first time or an employer with a well established scheme that needs a review, QS can help.
Many people who run businesses feel a bit cheated when they receive the proceeds of the sale of their business and realise that what was yesterday 100% Inheritance Tax exempt is now fully subject to IHT.
Whether you plan to gift parts of your wealth immediately or need to use it to fund your retirement, we can suggest ways in which the IHT exemption can be regained, immediately or over time.