selling a business

[jlee]

Friend wants to sell a business for approx 270k. He has been advised to avoid tax to put the full amount into a pension. Is this true correct? I was under the impression that you would be taxed moving it in to a pension?

[Mr Overheads]

So many questions:
Is he selling assets and liabilities
Is he selling shares
Is he selling a soletrader or LLP

Then the answers to those lead to another whole world of questions - he needs professional advice from a tax accountant experienced in selling business's

[jlee]

Mr Overheads said:

So many questions:
Is he selling assets and liabilities
Is he selling shares
Is he selling a soletrader or LLP

Then the answers to those lead to another whole world of questions - he needs professional advice from a tax accountant experienced in selling business's

limited company with all assets

[akirk]

jlee said:

Mr Overheads said:

So many questions:
Is he selling assets and liabilities
Is he selling shares
Is he selling a soletrader or LLP

Then the answers to those lead to another whole world of questions - he needs professional advice from a tax accountant experienced in selling business's

limited company with all assets

Entrepreneur Relief:
https://www.gov.uk/entrepreneurs-relief

If all your gains qualify for Entrepreneurs’ Relief
- Work out the gain for all qualifying assets.
- Add together the gains (and deduct qualifying losses) to work out the total taxable gain that’s eligible for Entrepreneurs’ Relief.
- Deduct your tax-free allowance.
- You’ll pay 10% tax on what’s left.

10% tax has to be about the cheapest way of ever extracting money from anywhere!