Businesses take years to build up with the owners spending the best part of their lives ensuring they are successful. But what happens when it is time to retire? An obvious solution is to pass on the company to family, but care should be taken to avoid a considerable tax bill.
Making Tax Digital (MTD) is moving along at place, taking effect for income tax for many from April 2024. What else is on the horizon for business and what can you do to get ready for MTD?
A tax expert at accountants and business advisors Whitley Stimpson is encouraging business owners to take action after the after the Government announced a 1.25 per cent tax hike on dividend payouts as part of its new Health and Social Care Levy.