Business Asset Disposal Relief Solicitors
For advice on business asset disposal relief (BADR - formerly known as Entrepreneurs’ Relief) and to understand whether your business assets may benefit from the same, speak to our expert solicitors today. We will ensure that you can utilise BADR to its optimum in order to reduce the amount of Capital Gains Tax (CGT) payable on any disposing of your business assets.
Award-winning team
Our team is recognised in Chambers & Partners and the Legal 500. We have won industry awards, including Team of the Year at the Manchester Legal Awards.
Diverse clients
We have assisted with a range of complex requirements for a variety of charities and high-net-worth clients, including families, business owners, entrepreneurs, sports professionals, and entertainers.
Cutting-edge
Our team is made up of young, dynamic solicitors who understand the environments you operate in and the need for bespoke succession planning.
Call JMW Solicitors today for support when disposing of your business assets and be sure that you have the support of experienced and determined legal experts. Contact us on 0345 872 6666, or fill out an online contact form to request a callback at a time convenient for you.
Expert Tax and Succession Planning Solicitors
Our team, combined with the expertise of our corporate department, can help you with any aspect of selling or dealing with the succession of your business. We will work to ensure that transactions are tax-optimised and will identify ways for you to save on expenses by thinking outside of the box, using our decades of experience and up-to-date knowledge of Capital Gains Tax law and HMRC's requirements.
Our initial discussion will focus on your objectives and your vision for the business in the short and long term to better understand how we can assist you and the business going forward. We will work closely with you to ensure that your needs are met and that your assets are handled securely with you and your business's future in mind.
We frequently work with businesses of all types. Our team can help you if you are:
- A sole trader
- A business partner of a partnership
We can help you to understand how certain assets/businesses may qualify for BADR whether you are disposing of a part of your business or the whole business. We will also help you to fill out the necessary documentation to successfully claim any relief and ensure that everything is in compliance with HMRC's requirements.
Why Choose JMW?
JMW Solicitors has been recognised as one of the UK's top firms due to our decades of success. This recognition comes from the Legal 500 and the Chambers & Partners guide. By working with us, you can be confident that you have the support of accredited legal professionals who are experts in their fields. The wills, trusts, estate and succession planning team has contributed significantly to our positive reputation as a trustworthy and reliable law firm.
Business succession planning is a complex area of law with many tax issues to be navigated. We understand that this can be stressful for those looking to sell elements of their business, or their business as a whole. With our bespoke service, you can receive guidance on every aspect of the asset disposal process.
Our solicitors regularly work with clients with a high net worth. We are familiar with the pressure that organising considerable wealth can bring and are experienced in managing high-value assets. You can trust that we have the knowledge and experience to achieve an outcome that aligns with your objectives and keeps your estate secure.
FAQs About Business Asset Disposal
- How much is the asset disposal relief?
Should your business assets qualify for BADR, you will only pay Capital Gains Tax at a rate of 10% on all gains on said qualifying assets. This is a significant reduction of tax and will help you mitigate against the typical higher rates of CGT, and allow you to retain substantially more from the sale proceeds. If you believe you may be eligible for BADR, you should contact us before making any decisions to dispose of your assets, a process we can then guide you through to mitigate your tax liability as much as possible.
It is important to note that qualifying capital gains for each individual are subject to a lifetime limit, and gains on any disposals after 11th March 2020 are limited to £1,000,000.
- What business assets qualify for BADR?
A business asset is any aspect of the business that is used for the purposes of the business's trade. BADR can relate to your shares in the business, or real property that belonged to the business. BADR may still apply to assets even after the business ceases to trade, albeit the assets must be sold within three years after the business has ceased trading. If you are unsure whether an asset that your business controls is eligible for BADR, speak to our team for advice today.
Talk to Us
For help with your business and the disposal of any assets that may qualify for relief, please call our team today. We will ensure that you have the best possible advice to mitigate against your tax liability and provide guidance throughout the whole process of disposing of your business or any assets held by the same. Call us today on 0345 872 6666. Alternatively, fill out an online contact form and we will call you back at your specified time.
