When you decide that it’s time to pass on the reins of the business to the next generation we can help you to ensure a smooth exit and that you leave the business in the best shape for the future.
We have worked with a number of healthcare professionals who have taken the decision to retire and transfer the business to the other existing partners. A key consideration in such scenarios is tax efficiency and part of our role is to work closely with your accountant to ensure that the timing is tax efficient for all parties involved.
The traditional structure for many healthcare businesses, such as dentists and vets, is a partnership. However the occasion of a retirement gives the remaining partners a chance to consider if incorporation as a limited company is more beneficial from both a tax and personal liability point of view. For the retiring partner careful consideration must be given to the timing of the transition from partnership to limited company as entrepreneurial relief on Capital Gains Tax is not available to a company.
We recently worked with a client’s accountant to structure a deal whereby the exiting partner left and the partnership status was maintained for a short period before incorporating the business to ensure the most beneficial tax position for all parties.
In addition to business considerations, we can also provide advice regarding your Will and Power of Attorney, ensuring that your personal affairs are in order and assets are passed to your beneficiaries as smoothly and tax efficiently as possible.
