Firstly can I say a big thank you to those of you that have already sent in your survey answers and I’m happy to confirm that those of you that have supplied e-mail addresses will be entered in to the draw. Of course, the results are anonymous, so please if you have not completed it yet, we would be grateful if you would take a look ; as a professional working in the financial services industry, we would value your opinion.
According to media reports over the last couple of weeks, Chancellor Rishi Sunak is considering increasing corporation tax from 19% to 24% in his November Budget, cutting pension tax relief and increasing capital gains tax rates. (This could possibly include “Entrepreneurs’ Relief”, or “Business Asset Disposal Relief” to give it it’s new catchy name).Thankfully, some Conservative MPs were quick to warn the chancellor against raising taxes to pay for government’s huge coronavirus debt.
The problem is someone must pay for it, sometime, and with the furlough scheme winding down, there may be less people able to contribute to the bill. Personally, I do not think these raids will occur, at least not yet, the above are easy targets for anyone to pick out to deal with the deficit so there may be no truth in the rumours. In any event, we need to stimulate the economy and provide new jobs, thus I am hoping the Chancellor will come up with something a little more creative.
To be honest, if you have been thinking of selling your business, it’s probably too late now to escape any tax changes in November but there is no reason not to plan for something which may occur further down the line. It is important for business owners to double check their position in terms of any taxation in the event of sale and to perhaps consider the timescale of any potential exit.
We have done some deals during lockdown all via zoom, no face to face meetings were held (well there’s a first time for everything) There are still buyers looking for businesses of all shapes and sizes and we are also talking to firms and individuals about creating sustainable business models for the coming years.
As independent consultants to the retail financial services sector, we are well placed to help. If we can help you in anyway, please do make contact.
My best regards