Buying a Business - Tax implications
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benton
Apprentice
Joined: 07 Jul 2005
Posts: 4
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 Posted: 06/01/09 - 08:33 Post subject: |
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| Does anyone know the answer to this? An interesting investment opportunity has come my way - I have been offered to buy an already existing and profit making business. This would save so much of the start up problems you would usually encounter. But what will be the consequences as far as tax is concerned? |
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izaak
Apprentice
Joined: 19 Jul 2008
Posts: 5
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| Posted: 07/01/09 - 01:50 Post subject: |
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| The main issue would be Capital Gains Tax, but that does not apply to you, rather to the seller of the company. If there is a change of hands of any real estate, you might also have to pay Stamp Duty. Also, you need to make sure that you buy a "clean" business and do not end up being responsible to pay other peoples' debts. This can be solved by way of a contract. |
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