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Tax implications over £50k
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My husband-to-be is one of three partners in his own business. He is currently in the process of being "bought out" by the other two, a decision he is happy to take and is happy with the offer he's been made of £55k.
From this money he needs to give back £4k to his friend who loaned him money 2 yrs ago to help him with the business and he will also have a £5k tax bill due at the end
of this January.
Does anyone know the tax implications he would have on this money giving he owes money out to other parties?
From this money he needs to give back £4k to his friend who loaned him money 2 yrs ago to help him with the business and he will also have a £5k tax bill due at the end
of this January.
Does anyone know the tax implications he would have on this money giving he owes money out to other parties?
Answers
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He does really need a tax accountant to help him with this - it will probably help him minimise the tax liability by taking quite simple actions in the way the business is bought by the other partners.
It is impossible (and I am not licensed) to give other than very general advice, but tax is potentially payable on income from the business and on the capital gain that he has made (that is, the difference between the amount he originally invested - £4k? - and the amount he sells it at).
It is impossible (and I am not licensed) to give other than very general advice, but tax is potentially payable on income from the business and on the capital gain that he has made (that is, the difference between the amount he originally invested - £4k? - and the amount he sells it at).
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