Tax Relief On Professional Fees When Selling A Business.
Selling a privately-owned business can be a lengthy and complicated affair and involve a significant amount of your accountant’s and solicitor’s time. The combined professional fees can be considerable, and it is important to understand on which of the costs you are allowed tax relief.
The costs that qualify for tax relief are those that relate to:
- Fees, commissions or remuneration paid for the professional service of any surveyor or valuer, or auctioneer, or accountant, or agent or legal advisor
- The transfer or conveyance (including stamp duty) of the asset
- Advertising for a seller/buyer
- Making a valuation required for the purposes of the computation of gain
Clearly the range of expenses that can be claimed to reduce gain when selling your asset is significant and it is easy to overlook expenses that qualify for tax relief, so it is best to consult with your accountant as early in the process as possible.
For help and advice on this or any other issues, please get in touch with our Lancaster office. A member of our senior team will be happy to arrange an informal meeting to discuss ways in which we can support you and your business.
Author: Susie Campion FCCA
Susie started her career in accountancy direct from Lancaster Girls Grammar School, joining Scott & Wilkinson in 1995, following a period working in another local accountancy practice. After qualifying as an Accountant in...
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