Do I Need a Specialist Broker to Help with Valuation?
Posted on 5th August 2018 at 15:23
We are able to provide a truly comprehensive valuation service as we have a years of industry experience. When it comes to selling your letting agency, you need a broker which can factor in all of its key assets.
This includes the potential transfer of ‘readymade’ customers, because a smooth transition means that the company can be profitable from day one. It is a major asset and we can use this as leverage to get an even better deal, depending on how many active clients you’re going to be passing along. Also, we know just how to pitch for the best possible deal.
You can get more information and advice by contacting The Rosewater Group. You can also call freephone 0800 020 9318 to speak to a letting agency broker today.
When you sell a business your gain will be subject to Capital Gains Tax. However, you may be able to pay less Capital Gains Tax when you sell or 'dispose of' part of your business. Entrepreneurs’ Relief means you’ll pay tax at 10% on all gains on qualifying assets up to a lifetime limit of £10 million. It's a fact often overlooked by many. After all it's not everyday you sell a business. But the government's Entrepreneurs' Relief is one of the most 'Entrepreneur friendly' measures to be introduced in recent years.
You’ll qualify if you dispose of any of the following:
all or part of your business as a sole trader or business partner - including the business’s assets after it closed
shares or securities in a company where you have at least 5% of shares and voting rights (known as a ‘personal company’)
shares you got through an Enterprise Management Incentive (EMI) scheme after 5 April 2013
assets you lent to your business or personal company
You may also qualify if you’re a trustee selling assets held in the trust.
A solicitor and accountant will be able to advise whether you will qualify.
Your responsibilities to employees if you buy or sell a business
When the ownership of a business changes, its employees may be protected under the Transfer of Undertakings (Protection of Employment) Regulations (TUPE).TUPE applies to employees of businesses in the UK. If the business that’s transferring ownership is in the UK it’s important to check these regulations. These rules still apply even if the business has its head office in another country – and the size of the business isn’t a deciding factor either. TUPE applies when:
service provision changes
Transfers within the public sector aren’t usually covered by TUPE but some transfers from the public sector into the private sector are. However, public-sector employees get similar protection.
he employees’ jobs usually transfer over to the new company – exceptions could be if they’re made redundant or in some cases where the business is insolvent
their employment terms and conditions transfer
continuity of employment is maintained
Employees aren’t protected under TUPE if the contract is:
for the supply of goods for the company’s use
for a single event or short-term task
Make sure you don’t fall foul of the law.
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