There are five secret questions you need to ask yourself before the holiday is over.
Ola Sulaimon of Ronzl Accountants shares some timely advice.
THE holiday I am referring to in this title is tax holiday or relief for businesses that are run through companies and their shareholders wanting to dissolve it to a sole trading business. This relief is referred to as disincorporation relief; it was first introduced on 1 April 2013 and ends March 2018.
Disincorporation relief allows a company to transfer its qualifying assets, which are goodwill and properties (as long as they are stock), to its shareholders without incurring a corporation tax on the disposal of the asset.