Tax after selling a business

galvan · Apprentice Joined: 01 Oct 2007 Posts: 6

Hi there everybody. For the past fourteen years, I’ve been running my own business. It was an IT distribution company. However, things weren’t going so well so I decided to sell my company. What I would like to know is something about tax after selling a business. Can you give me a help? Thank you.

jeremias · Apprentice Joined: 17 Sep 2008 Posts: 4

Hi there! Selling a business can have heavy tax implications. You need to plan it carefully and to try to minimize those costs as much as possible. First, you are going to be liable for the capital gains tax, which is 15%. If you had any losses you could claim some deductions. Have in mind that if you sell you business in parts, every asset will be treated separately. If you are registered for the VAT, you have to calculate a final return and pay what is left. My advice is to ask for a professional assistance in this matter. That way you have bigger chances to decrease the tax you will be liable for. That would be all from me. Bye!