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PROINSTALLER . CO . UK THE VOICE OF THE TRADE
08 Even smarter ‘ blue sky thinking ’
Revoluntionary smart rooflight is a world first .
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14 FENSA faces up to pandemic panic
An exclusive insight to supporting installers .
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30 Extra security & even safer
Up and over garage lock goes above and beyond .
ISSUE 91 OCTOBER 2020
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FREE 44 We Hoppe you read this
Top 7 hardware tips for fire door installers .
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Welcome to the Next Generation
4-page exclusive ERA Protect pull out
Page 23
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They say there ’ s no time like the present . That could not be truer for business owners who have been toying with the idea of selling up or retiring into the sunset .
If major uncertainly over the last few years , from the 2016 Referendum to Brexit , put a strain on businesses , the coronavirus pandemic will have been the ‘ final straw ’ for many business owners .
And with Chancellor Rishi Sunak ’ s review of
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Capital Gains Tax ( CGT ) expected to hit business owners where it hurts on the proceeds of any sale , it is looking increasingly like the time to sell is now .
Getting out now
The most important consideration for a business owner is their own personal plans and timescale . After years of stress and worry many owners wish to step-off the wheel , enjoy more family time or do other things .
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But , with the unprecedented challenge placed on businesses over the last four months , the time to exit will be in the forefront of many minds .
Some firms have had a surprise upturn in work , but the reality is it is harder than ever to run a business and maintain margins , with rising costs and more demanding customers , while red tape and onerous regulations are adding fuel to the fire .
And while currently you would pay 10 % tax on the
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first £ 1m of sale proceeds , with the balance being taxed at 20 %, that CGT rate is expected to increase to the top rates of income tax of 40 % -45 %, which would be a disaster for most business owners .
Why should you work all those years and often
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decades to give such a massive share of your life ’ s work to the taxman ? If there was a reason for you to bring forward the sale of business then this is it .
Story continues on page 2
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