The long awaited budget was announced this week by chancellor Rachel Reeves and whilst all at team Atomic were more than nervous about the potential changes its not all doom and gloom.
However as a business owner potentially looking at an exit in the next 3 years you may wish to bring forward your plans and these are the reasons why;
- BADR (business asset disposal relief) will remain at 10% until April 2025, this will then increase to 14% and then 18% by April 2026.
- CGT (capital gains tax) has increased with immediate affect from 10% to 18% for lower tax payers and 20% to 24% for the latter. Whilst capital gains is based on the profit and assets of the business ensuring you receive correct and robust advice is essential to ensure you maximise the value of your business sale
- National Insurance and National Minimum wages will rise from April 2025 and therefore this could affect your profitability within the business
- Stamp duty on second homes will increase from 2% to 5% – this could affect organic growth of landlords entering in the market and the value of your lettings business could as a result be seen as more attractive to buyers compared to previously, however the structure of a deal may be more complex
Atomic has now completed on 97 transactions in 3 years, with over 100, 5 star reviews, over 10,000 buyers registered and proud to have completed on their first multi million pound deal demonstrating that we are market leaders in the sale of businesses.
The decision to sell has many factors but we will give you all the facts in order that you can make an informed decision.
For a free up to date valuation and to discuss your options do reach out!
