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Pushing for a sale

If you are considering selling your business you may wish to do so sooner rather than later. Waiting until after the Chancellors Autumn Statement could mean that your tax bill on disposal may more than double overnight.

Therefore, businesses that have survived and even thrived during the first half of 2020, should be considering whether the value erosion caused by the pandemic could well be more than compensated for by savings achieved by acting before possible Capital Gains Tax changes.

There are many active buyers out there. There is competition between them and they are making allowances for the fact that many businesses will bounce back more quickly than in most recessions. Purchasers are focused on how businesses are coming out of lockdown and responding to the ‘new normal’, rather than what happened during it.

Vendors may be achieving a lower price than in January, however business owners may net more proceeds in their pocket by exiting now, rather than waiting for the world to ‘return to normal’ after this pandemic.

Equally, the challenges of business over the last few months have exhausted many owner-managers who have started to think about a different future for the business, themselves and for their family.

Of course nothing is set in stone, and the exact changes to CGT are yet to be announced, however if they do go ahead as many predict this has the potential to shift business owner’s mind-sets. If capital gains and income taxes align, which is hugely significant for entrepreneurs who have invested and grown their business over time, business owners would be well advised to at least consider their options now.