By JONATHAN FINE
The Autumn Budget contained some good news for dentists; the higher rate personal tax threshold went up (albeit by just £524), relief on rates for small businesses doubled and the Funding for Lending Scheme (FLS) was extended by a year, so more dentists will be able to access government-backed lending through high street banks.
Buried on page 74, however, was this: “The government will prevent individuals from claiming ER [entrepreneurs’ relief] on disposals of the reputation and customer relationships associated with a business (‘goodwill’) when they transfer the business to a related close company. This will affect transfers on or after 3 December 2014.”
If you’d like to talk more about this difficult area give me a call on 07860 672727 and I can point you in the right direction.
I wish you a merry Christmas and happy new year
Connect with Jonathan on LinkedIn