1001 Freelance Projects -- Business assets disposal relief (Entrepreneur relief) advice

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Today is: 18-May-2024 19:58 GMT

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Project title:	Business assets disposal relief (Entrepreneur relief) advice
Posted by:	External project from PeoplePerHour
Started:	15-Feb-2021 20:27 GMT
Description:	Hello there, I have a client, who is planning to buy a company, which has retained earnings of £150k which is in the bank as cash. The seller propose to sell the company for £160k including reserves (of course with cash balance). The company has no any other assets other than cash reserve but some goodwill. My client buys the company for £160k with the reserves and then use the cash at bank of £150k plus his own money £10k to payoff the sale. I just want to find out if anyone can advise on my client's tax implication. Can this £150k be treated as his dividends/ loans and end of paying hefty taxes, while the seller is eligible to claim entrepreneur relief? Please only send your proposal if you have dealt with similar case in the past and provide written advise. You must be a practising chartered accountant/ tax advisor to give this advice.
Project ID:	3141338
Project category:
Project budget:
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