The best time was back when you started the business. But the second-best time is now. How much tax you pay on the sale of your business (and cash you keep in your pocket) is largely determined by the tax structure your business operates under.
Using the right combination of companies and trusts can dramatically reduce your tax bill when you sell your business. That's why it's crucial to get the right advice early. Your adviser can help you determine which is right for you. So if you haven’t already put the wheels in motion, there still may be time to alter your structure to get the most benefit.
They’re there to guide you through the ups and downs that come with your business sale. Occasionally, it can actually make more sense to accept a lower price for your business to minimise your tax bill. Your adviser will be able to tell you when this may occur.
So if you’re thinking of selling your business, you should seek advice as soon as possible. That way you can start planning how you can keep the maximum amount of cash from your business sale in your account.