Tax planning for retiring small business owners

Almost half of British small business owners hope to pass on their business to their children but 45% fail to plan for the tax implications when they retire. Research found that 63% of SME owners aim to pass their business on to a family member when they retire, with 48% intending to hand the business down to their children. But although people are looking at succession planning there are many that aren’t looking at the

Employee-owned businesses and tax incentives

The Government is increasing the number of tax incentives associated with employee share schemes in a bid to boost the number of John Lewis-style, employee-owned businesses in the UK. The independent Nuttall Review in 2012 concluded that companies operating in this model are more resilient during economic downturns, have a faster job creation rate and higher levels of commitment from staff. We look at some of the existing options available and two potential new reliefs