When extracting cash from a business - either profits, or because of retirement or simply to get out of the business, there are many considerations to bear in mind. If you are moving abroad for an extended period, then you can arrange your affiars to minimise tax. For example, if you are planning to move, say, to Central America.
Capital Gains Tax (CGT) is levied on capital gains incurred by individuals and corporations. The Limited Liability Partnership (LLPs) is a type of structure introduced only a dozen years ago. It offers the small business person a very useful tool. Alan Pink Tax consists of two partners, highly experienced in tax work, Alan Pink and Paul Hyland.
Capital Gains Tax (CGT) is levied on capital gains incurred by individuals and corporations. The Limited Liability Partnership (LLPs) is a type of structure introduced only a dozen years ago. It offers the small business person a very useful tool. Alan Pink Tax consists of two partners, highly experienced in tax work, Alan Pink and Paul Hyland.
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Alan Pink is the senior tax consultant in the practice. He is qualified as a Chartered Accountant and a Chartered Tax Adviser, having trained in a City of London firm and the tax department of a multi-national practice. He is editor of the monthly taxation bulletin entitled "The Schmidt Report" and has contributed extensively to Taxation Magazine and other professional journals.
The Entrepreneur's Tax Guide guides owner-managed businesses through the complexities of the UK tax system. You shouldn't pay more tax than you have to do; so arm yourself with this knowledge, and prove yourself a match for her Majesty's tax collectors. The Entrepreneur's Tax Guide gives hundreds of tips on saving tax throughout.
When extracting cash from a business - either profits, or because of retirement or simply to get out of the business, there are many considerations to bear in mind. In fact, it is best to think this through at an early stage in businesses development so that the correct structures can be put in place early.
If you are moving abroad for an extended period, then you can arrange your affairs to minimise tax. For example, if you are planning to move, say, to Central America for two or three years, then it is possible to elect not to pay UK income tax but, rather, to pay tax in the other country. If the income tax in the country you are moving to is lower than UK tax then you will be at an advantage.
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Jason Banfield
Aug 21, 2017
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