When it comes to family businesses, succession planning and passing assets to the next generation can get very complicated because of the emotions involved, possible conflict amongst siblings and because a lot of people are not very comfortable discussing death and their financial affairs. A succession plan that is creative and well-structured will help lower the risk of any conflict. It also ensures that gift and inheritance tax is kept to a minimum where possible.
”There is a well-known saying regarding succession and estate planning… ‘you can’t plan from the grave’ ”
Early discussion and advance planning are the two key elements to the smooth, tax efficient passing of assets. It allows you time to consider all your options and engage with family members to ascertain their interest in taking over the business/assets, it ensures that you have enough time to gradually introduce your successor to the business and it gives you the enough time to put together a successful succession plan with the help of a tax adviser and solicitor.
The first thing we do is ask you what your plans are regarding your business or assets and who you plan to gift them to, or who you are leaving them to in your will.
From there we discuss the tax implications for both yourself and those receiving the assets. We will consider the available exemptions and reliefs under identify which may apply to these transactions, from here we can ascertain the tax liability upon transfer of the assets for all parties involved. Or we can use this information to come up with a more tax efficient way of passing on your assets.
I was very impressed by the professional knowledge and detail to their work. Also very responsive and good value for money.
Very knowledgeable and creative way of thinking, also very friendly and available which means a lot.
April spent a lot of time helping me set up my business…. she provided me with a huge amount of advice and took the stress out of everything… 100% recommend her services to anyone starting a business….
Excellent and professional service. Very friendly and approachable no matter how big or small the query. Highly recommended!