I know this is a dog forum but the forum always comes up with the goods no matter what question is asked so here goes:

Does anyone know anything about paying tax when selling a business if you self employed, if you can help if you could email and offer some assistance that would be fantastic

Many thanks in advance

Mx

The best place to go is to your tax office and ask them as they are best placed to advise you concerning self employment tax matters :)

If not then I would suggest that you get the advice from a Tax specialist as taking advice from the net however good intentions are meant are a bit risky when it comes to money :) If you pay for the advice at least you will have some come back if it is found to be the incorrect advice :)

Lucy
xx

As I understand it you will be liable for 40% capital gains tax on the profit but as you will qualify for exemption allowances that are very complicated to calculate you definately need to see an expert on this one.

OH sold his share in his company last year - but was a shareholder so different. Definitely worth consulting an expert :)

Daisy

Bear in mind that whilst the Tax Office will give accurate infomraiton of the regulations and tax rates due etc, they do not give advice on minimising your liability, so the Accountant/Tax Expert route is advisable.
bye
Gwen

It is well worth investigating both rather than just the tax expert :)

Lucy
xx

Exactly, Lucy, get the general info from the Tax office first so you know the right questions ot ask the Tax expert, and have an insight inot the whole issue.

bye
Gwen