One of the first questions I am asked by those people considering the option of forming a limited company is how to exit the company if the need should arise in the future.
In situations where succession is more or less assured, this question generally will not arise as the company will continue on into the next generation by means of the shares in the company transferring to the successor.
However, the question can be very pertinent for those who may not have an obvious successor as the day may dawn when the company is no longer appropriate to their needs.
Willans: Legal perspectives on the Budget 2021
Legal experts from Willans LLP react to the Spring Budget 2021 and how it will affect businesses and individuals in Gloucestershire and beyond, on the topics of corporate & commercial, employment law, wills, trusts & probate, residential and commercial property.
In the Chancellor’s first Budget speech last year, made as Covid-19 started to take hold in the UK, Rishi Sunak promised to do ‘whatever it takes to support the economy’.
As his second Budget is laid out, the focus was not only on surviving through the remainder of the crisis, but also how the public purse is going to pay for it, as well as how investment will be encouraged to help offset the mounting debts.
4 March 2021: Business fears about a sudden end to support and across-the-board tax rises were largely unfounded, but businesses stand to lose out in the longer-term.
Business concerns about a sudden end to coronavirus support and sweeping tax rises have been alleviated by the Chancellor’s Budget speech. Instead, the Chancellor announced a potentially game-changing measure to encourage business investment that could reshape the British economy. This will also play a part in counteracting the 25% Corporation Tax increase, which is set to come in in 2023.
In addition, the temporary extension of carry back of trading losses from the one-year entitlement to a period of three years will offset the Corporation tax increase, which will affect businesses with profits greater than £250,000 a year.
IR35 private sector reforms: What IT contractors need to know
Computer Weekly asks contracting experts to answer questions about PSC bans, compliant umbrella companies and challenging status determinations, with the latest IR35 reforms coming into place
Share this item with your network: By Published: 25 Feb 2021 9:18
Preparations for the onset of the IR35 tax avoidance reforms in the private sector from 6
April 2021 are well under way, with many of the medium to large firms in-scope of the reworked rules already in the thick of working out their compliance strategies.
The reforms are set to usher in a sizeable change to where responsibility will fall within the extended end-client-to-contractor labour supply chain for determining how personal service company (PSC) contractors should be taxed from 6 April 2021.
Business Owners should act now to benefit from vital tax relief
Verdict Staff February 16, 2021 (Last Updated February 16th, 2021 15:04)
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Whether you have been planning to close down your company or fear that as a result of the pandemic that your company may fail in the months to come, then now is the time to act before it’s too late, comments Nick Nicholson, Insolvency Partner at Haslers
The specialist insolvency and recovery team at Haslers is calling on directors and shareholders of companies stuck with difficult decisions about their future to think about the tax implications of winding up.