Share Ownership Businesses

11th April 2012

Selling Your Business on Retirement: There is an Alternative.
You’ve spent a lifetime building up your business, the thought on retirement of selling out to your business rivals may be unpalatable and selling to you own management team may not be feasible; there is an alternative. Allowing your staff to take ownership through a phased transition allows the legacy that your have built up to be continued, whilst allowing you to take a back seat from your business through to your retirement.

Popular in the US, where 1 in 5 employees working in the private sector now own a stake in their employer businesses, this model is becoming increasingly popular in the UK. This model is attractive to the UK Government, with £50m annually put-a-side in tax breaks for companies, their owners and their employees. It has been found that revenue, productivity and ultimately profitability improves within these businesses.

Whitings can advise whether this model is suitable for you, the tax implications for both you and your staff, and the financing and corporate requirements, to ensure the transition of ownership is handled effectively and efficiently.

Related Services

Corporate Finance


 
Other items in Blogs
 
Richard Alecock
24th May 2019 Making Tax Digital for VAT: Supplier statements now acceptable

In a welcome about turn, HMRC has changed its controversial policy on the recording of purchase invoices under Making Tax Digital for VAT. This will mean a huge time-saving for many businesses using the cash accounting scheme.   Under the cash accounting scheme, input tax is only claimed when payments are made to suppliers, and…

Read More »

Hannah Wisbey
22nd May 2019 Reform of Companies House Register

The government is consulting on proposals to significantly change the role of Companies House, with the aim of ‘increasing the transparency of UK corporate entities and helping combat economic crime’.   The consultation considers reform to: the information that companies are required to disclose increasing the checks on the information disclosed measures to improve the…

Read More »

Matilda Mawson
20th May 2019 Property allowance considerations: Joint properties held in unequal proportions

The property allowance was introduced on 5 April 2017, allowing a flat rate deduction of £1,000 to be claimed against property income, in lieu of keeping detailed records of expenses. This however, raises the question as to whether individuals renting out a joint property are required to make the same claim as one another. In…

Read More »

Bethan Hassey
20th May 2019 RSM’s Zorb Football Tournament

  On Thursday 16th May, Whitings attended RSM’s first ever Zorb Football Tournament in aid of the charity GeeWizz! After playing against 5 other firms, Whitings managed to finish 2nd overall based on goal difference.   It was a great event which helped raise money for a great cause. GeeWizz help support children and young…

Read More »

Matilda Mawson
16th May 2019 2019/20 Changes to Personal Tax and How It Could Save You Money

With the new tax year in full swing, we set out below some of the changes to various allowances and tax bands that affect how much tax you are paying: The personal allowance (the amount you can earn before you begin paying tax) has increased from £11,850 to £12,500. The basic rate tax band has…

Read More »

Jodie Tarbin
14th May 2019 PPR and Lettings Relief: an Update

Shortly following the last autumn budget, I published a blog “CGT Reliefs – Hit with Both Barrels!”, regarding the changes announced to the Principal Private Residence Relief (PPR) and letting relief rules.   HMRC have now published a consultation document, which can be found here: https://www.gov.uk/government/consultations/capital-gains-tax-private-residence-relief-changes-to-the-ancillary-reliefs   The consultation period closes at 11:45pm on 1…

Read More »