Tax Tips and More Spring 2016
Budget 2016 Update
Why Convert to the Cloud?
Planning Your Exit Strategy
At what was described as a Budget that would “back small business�, here are all of the key points you need to know.
Cloud accounting has taken the business world by storm, but why is this and why is the software so popular amongst SMEs?
Building a good business is one thing. Knowing when it is time to sell it is an entirely different matter.
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Contents
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Welcome and Partners
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Special Feature Budget 2016 Update
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The National Living Wage is Here
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The Abolition of Dispensations
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Cyber Liability Insurance
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Why Convert to the Cloud?
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Xero Add-On Introducing Receipt Bank
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Is Outsourcing Right for Your Business?
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Raffingers Foundation
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Client News The Placement Group Expands with Acquisition
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Employee Spotlight
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Planning Your Exit Strategy
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Selling Your Business FAQs
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Welcome to our SPRING Newsletter It is that time of the year again, when not only do we have to get to grips with the announcements made at the Budget 2016, but we also have to ensure we are complying with the new legislation that has taken effect. Therefore, in our Spring Newsletter we bring you a special feature on the Budget 2016, which looks at all of the key changes you should be aware of. We also look at some new pieces of legislation and what they mean for you, such as the introduction of a National Minimum Wage and the Abolition of Dispensations. In addition, our Cloud Manager, Amy Townsend, provides insight into why you should opt for cloud accounting and why Receipt Bank is becoming one of the most popular Xero add-ons. Finally, we are excited to bring you news of our newly launched, Raffingers Foundation, which has been set up to raise money for Ovarian Cancer Action and Pancreatic Cancer Research Fund. More information about this and our upcoming events can be found on page 11. As always, if you would like to be featured in our next edition, or have any suggestions for topics that you would like to see discussed, please get in touch. The Partners at Raffingers
Raffingers Partners Gary Inglis Managing Partner gary@raffingers.co.uk
Andrew Coney Partner andrew@raffingers.co.uk
Lee Manning Partner lee@raffingers.co.uk
Adam Moody Partner adam@raffingers.co.uk
Suda Ratnam Partner suda@raffingers.co.uk
Barry Soraff Partner barry@raffingers.co.uk
Paul Dell Partner paul@raffingers.co.uk
Annual Charity Golf Day 2016 - Page 11
Budget 2016 Update SPECIAL FEATURE
At what was described as a Budget for “the next generation” that would “back small business”, we have gathered all of the key points you need to know.
Capital Gains Tax
Corporation Tax
Cutting Capital Gains Tax – From April 2016
Corporation Tax
This is good news for wealthy investors who will see tax on investment gains fall from 18% to 10% for basic rate taxpayers and 28% to 20% for higher rate and additional rate taxpayers. These reforms are hoped to encourage more investment in business.
The Corporation Tax rate will be reduced even further than previously announced, to 17% by 2020. The table below demonstrates these changes and when they come into effect.
The reduced Capital Gains Tax (CGT) rates will not apply to gains on residential properties. Capital Gains Tax and Entrepreneur’s Relief From 17 March 2016 The 10% entrepreneur’s relief, which reduces CGT for those selling a business, will be available to investors in unlisted trading companies from 17 March 2016. The relief will only apply to shares bought after this date and must be held by the investor for at least three years to benefit from the 10% rate. The new relief will be limited to £10million, but the limit will be in addition to the existing lifetime limit of £10million for entrepreneur’s relief.
Employment Tax Employment Allowance – From April 2016 The Employment Allowance is a fixed deduction that allows businesses to offset against class 1 national insurance every tax year (per business not per employee). The summer budget announced two changes, which are still set to come into effect this year: 1. The Employment Allowance will be increased from £2,000 to £3,000 a year 2. The Employment Allowance will no longer be available to companies that have a director as its sole employee
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Financial Year
Corporation Tax Rate
2015
20%
2017
19%
2018
19%
2019
19%
2020
17%
Loans to Participators – From April 2016 Where a participator (shareholder) has an outstanding loan with a close company, a tax charge is applied, which is added to the company’s Corporation Tax Return and paid to HMRC when the company Corporation Tax is due. Previously, this tax charge was 25% on the lower of the amount outstanding at the end of the accounting period. However, in an attempt to prevent company directors from avoiding tax and NI charges by paying themselves through loans or advances, rather than dividends, from April 2016 this tax charge will increase to 32.5%. Corporation Tax Losses – From April 2017 Whilst there are a number of ways losses can be utilised for Corporation Tax purposes, often companies will carry a loss forward and use it against their future profits from that source of income. The good news here is that from April 2017: • Companies will be able to use the carried forward losses against other income streams and other companies within a group (if applicable) • Where a company has profits in excess of £5million, carried forward losses offset against these profits will be restricted to 50% of the profit
For Property New SDLT Rates - From April 2016 As announced in the autumn statement, the additional 3% Stamp Duty Land Tax (SDLT) will be going ahead and will now apply to any buy to let purchases or second homes exceeding £40,000. There will be no exemption from the higher rates for significant investors and the higher rates will apply equally to purchases by individuals and corporate investors. The only saving grace is that where a property purchase is made, and the sale of the main residence has overlapped, purchasers will have 36 months (rather than the originally proposed 18 months) to claim a refund on the higher rates. Existing Residential SDLT Rates
Band £0-£125k
New Additional Property SDLT Rates
0%
3%
£125k-£250k 2%
5%
£250k-£925k 5%
8%
£925k-£1.5m 10%
13%
£1.5m +
15%
12%
For Individuals Income Tax A typical basic rate tax payer will pay £1,000 less income tax in 2017/18 than 2010/11 thanks to the announcement of a further increase of the personal allowance. The government also announced that the higher rate threshold will rise to £45,000 by 2017. 2015-16
2016/17
2017/18
Personal Allowance
£10,600
£11,000
£11,500
Basic Rate Limit
£31,785
£32,000
£32,400
Higher Rate Threshold
£42,385
£43,000
£45,000
ISA - From April 2017 The tax free ISA limit will increase to £20,000 (currently £15,240).
Commercial Property - From 17 March 2016 With immediate effect the single rate of SDLT applicable to purchases of non-residential property will be abolished and replaced by a banded method, which ensures SDLT will be charged at each rate on the portion of the purchase price that falls within each rate band. This will bring the methodology into line with that which already exists for residential purchases. Purchases up to a value of £1.05million will pay the same or less SDLT under the new rules. Band
Corporation Tax Rate
£0-£150k
0%
£150,001 - £250k
2%
£250,001 +
5%
Furthermore, savers that are under 40 years of age will have the opportunity to invest in a new ‘flexible lifetime ISA’ and be able to benefit from a 25% bonus paid from the government on savings up to £4,000 a year. The bonus on the savings will be paid up until the saver reaches 50. The intention is to help savers either buy their first property and/or save for retirement. Savers can choose to hold a ‘regular ISA’ and/or the ‘flexible ISA’. Transfers to the flexible ISA can be made where savers have a help to buy ISA already. For further information please contact: Barry Soraff 020 8418 2663 barry@raffingers.co.uk
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The National Living Wage is Here On 1 April 2016 the National Living Wage (NLW) took effect, which means employers now need to pay any workers aged 25 years and above a minimum of £7.20 per hour (50p increase). The NLW is not a choice and will be enforced as strongly as the current National Minimum Wage (NMW), which means you could face fines, prosecution and ‘naming and shaming’ for failing to comply. It is important that you are aware of how these changes will affect your business as not only will they mean a higher wage bill for you, but in some circumstances can affect pension contributions and
the eligibility of your employees. Please note that the NLW is not replacing the NMW and the NMW will continue to apply for those employees under the age of 25. The current NMW rates are: • £6.70 for 21s and over • £5.30 for 18 to 20-year-olds • £3.87 for under 18s • £3.30 for apprentices (the rate applies to all apprentices in year one of an apprenticeship, and 16-18 year old apprentices in any year of an apprenticeship)
The Abolition of Dispensations If you pay your employees expenses and use dispensations to short cut the process, please take note that since 6 April 2016 a new process has come into effect. Currently, employers are obliged to notify HMRC (on form P11D) of expenses reimbursed to employees and directors. The individual receiving the reimbursement then makes his or her own claim for tax relief if appropriate. To short-cut this process, employers often obtain a “dispensation” from HMRC that allows for specified expenses to be provided to employees without deducting Tax and National Insurance (NIC). However, since 6 April 2016, tax-allowable expenses have not been taxable at all, which means where an employee is entitled to tax relief on their expenses you are no longer obliged to agree a dispensation with HMRC or report these expenses on form P11d. The risk with this new process is that you will now be responsible for applying the correct tax treatment to the expenses you pay and you will need to keep records of all payments. This new process presents a significant risk to employers and it is important that you are aware that:
• HMRC can revoke and review dispensations for up to four years following the end of the tax year. Therefore, do not throw your existing dispensations away and keep evidence to show you complied with the dispensations you were granted. • If you have a dispensation with bespoke rates for expenses, such as subsistence and overnight stays, and you did not re-apply to HMRC for approval of them before 6 April 2016 the rates will no longer be valid, and the amounts will fall outside the new rules and be subject to Tax and NIC. • Under the new legislation you must have strong processes in place to ensure that you are compliant and that payments or reimbursements are only made in the right circumstances, with the correct tax treatment applied and record of the payment kept. The removal of dispensations will save you time. However, we must stress that you need to make sure you have good processes in place when paying expenses to ensure that you do not face any repercussions further down the line.
For help with your payroll or to find out more about the abolition of dispensations and what it means for you, contact: Suda Ratnam, Partner 020 8418 2681 / suda@raffingers.co.uk
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For further informaiton, please contact: Warren Baldwin, Berns Brett Ltd warren.baldwin@bernsbrett.com
Cyber Liability Insurance Following recent media coverage, in particular the TalkTalk cyber-attack, it became apparent that traditional insurance policies do not always provide the cover specific to cyber liability losses. Here we look at 10 reasons why Cyber Liability Insurance should be considered.
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Data is one of your most important assets. It is almost certainly worth many times more than the physical equipment that it is stored upon.
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Systems are critical to operating your day to day business. Yet, in the event that a hack attack, computer virus or malicious employee brings down these systems, a traditional business interruption policy would not respond.
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Retailers face severe penalties if they lose credit card data. Under merchant service agreements, compromised retailers can be held liable for forensic investigation costs, credit care reissuance costs and the actual fraud conducted on stolen cards.
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Third party data is valuable and you can be held liable if you lose it. NDAs and commercial contracts often contain warranties and indemnities that can trigger expensive damages claims in the event of a breach. Increasingly, consumers are also seeking legal redress in the event that a business loses their data.
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Portable devices increase the risk of theft - A laptop left on a train, an iPad stolen in a restaurant, a USB stick going missing. In addition, the devices themselves are being targeted with viruses being built just for them.
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It is not just big businesses being targeted by hackers. Cyber-attacks are quickly becoming one of the greatest risks faced by smaller companies.
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Complying with breach notification laws costs time and money. These generally require businesses that lose sensitive personal data to provide written notification to those individuals that were potentially affected.
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Your reputation is your number one asset, so why not insure it? Cyber insurance can not only help pay for the costs of engaging a PR firm to help restore your reputation following a breach, but also for the loss of future sales that arise as a direct result of the breach.
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Social media usage is at an all-time high and claims are on the rise. Information is exchanged at lightning speed and exposed to the world. Cyber insurance can help provide cover for claims arising from leaked information, defamatory statements or copyright infringement.
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Cyber-crime is the fastest growing crime in the world. Phishing scams, identity theft, and telephone hacking are all crimes that traditional insurance policies do not address.
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Why Convert to the Cloud? BLOG
Blog by Amy Townsend Cloud Accounting Manager
Cloud accounting has taken the business world by storm, but why is this and why is the software so popular amongst small to medium sized businesses? With four years of experience using cloud accounting, I explore the features that make the software so appealing to accountants and businesses alike.
Flexibility Cloud accounting gives you the ability to run your business from anywhere in the world and from any device. Through having access to up-to-date financial figures wherever you are, you are able to regain control of your business, keep on top of your finances and not be caught out by any hidden surprises. Unlike traditional accountancy software, you have the freedom to access your accounts at any time, not once a year when your year-end has been processed. I have witnessed first-hand how beneficial this is to businesses – improving their efficiency and helping them make the most of opportunities.
Bank Feeds Automatic bank feeds are the key behind cloud accounting. Through linking your business account with the software you can reconcile invoices immediately and get a real time view of your business finances.
Multiple Accesses This is a great benefit that allows for collaboration. You can decide who has access to your software and what they can see. Through multiple accesses you can also share your data with your accountant. This is a great feature for us as it allows us to spot any discrepancies immediately, provide accurate forecasts and, ultimately, more relevant advice as we can see instantly what is working, what is not working and
what can be done to help you grow.
Add-on Software Whatever your business needs, there is no doubt that there will be an add-on for it. With hundreds of cloud accounting integrated applications available, you can easily find add-ons best suited to meeting your businesses objectives. A few of my favourite include: • CrunchBoards – CrunchBoards work alongside Xero, providing users with complete clarity of their data. What makes CrunchBoards so valuable is that every transaction from the beginning of time can be imported, which means absolutely any KPI can be looked at in real-time for operational, retrospective or future analysis. And, if anything is amiss, you will be the first to know • Receipt Bank – Receipt Bank extracts the key information from your bills, receipts and invoices, removing the need for manual data entry. Receipt Bank can then publish the data to Xero or it can be downloaded as a spreadsheet or used to create expense reports. • Chaser - Chaser allows you to reduce your debtor days and gain a financial boost through automating the process you use to chase invoices. Through integrating with Xero you can set the chasers you want your customers to receive at different points until the invoice is paid.
Easy Invoicing Cloud accounting software is synonymous with quick and easy billing. You can produce invoices quickly on cloud software, ultimately promoting better and improved cash flow.
To find out how Cloud Accounting can benefit your business, please contact: Amy Townsend, Cloud Accounting Manager 020 8418 2690 / amy@raffingers.co.uk
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Introducing Receipt Bank
XERO ADD-ON
One Xero add-on that demonstrates all of the advantages of moving to the cloud is Receipt Bank, an add-on that has enabled us to save our clients time through more straightforward and real-time accounting. Receipt Bank is a bookkeeping tool that will help us save you time and money. The key feature of Receipt Bank is its simplicity, allowing you to easily get receipts and invoices into Xero. You can take a picture using the Receipt Bank mobile app, send an email to your unique Receipt Bank email address or link it straight up to your PayPal account; never will you have to worry about losing a receipt again. You can also use Receipt Bank to better manage your own and employee expenses.
Depending on the level of service you want from Raffingers you can oversee the whole process, and become more efficient at doing your own bookkeeping, or you can take a picture and leave the magic up to us; giving you a real time bookkeeping service and an up-to-date financial picture in Xero. This not only saves you time, but gives you the opportunity to stop working in your business and start working on your business: we know you didn’t go into business to do bookkeeping. Clients using Receipt Bank, as part of our cloud offering, are already benefitting from a more accurate and reliable set of accounts, enabling us to give more targeted and proactive business advice. To find out more or to see how Receipt Bank can be used in your business, please contact Amy Townsend at amy@raffingers.co.uk.
Receipt Bank is a bookkeeping tool that will help us save you time and money.
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Is Outsourcing Right for Your Business? Outsourcing is not just a strategic option for large international corporations, small and medium sized businesses can benefit too. Outsourcing simply means “contracting out” various functions of your business. A common misconception is that outsourcing is always done overseas. Indeed, moving your IT helpdesk to India can save a lot of money, but there are many providers in the UK too that can provide an IT helpdesk that is cheaper than having an in-house support function.
Cost Savings By outsourcing functions that were previously performed in-house, businesses can reduce their employee levels and related costs, such as recruitment, salaries and benefits. By outsourcing a capital intensive function, you can also reduce the costs of equipment obsolescence and depreciation.
Quality of Service Because your business is the outsourcer’s customer, they will want to keep you happy. You can therefore benefit from a more “can-do” approach, which you may not get from your in-house team.
State-of-the-art Technology Outsourcers have to spend time and money on the most up-to-date equipment and on employee training to remain competitive. By outsourcing certain areas, such as website hosting, virtual desktops or email, you are ensuring that your business will always have access to the latest technology platforms. Taking IT as an example, an outsourcer is likely to have more up-to-date technology, such as the latest servers and software.
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Price Stability By signing a contract to outsource, you will be able to lock the supplier in to a pricing agreement. This gives the business certainty in terms of costs. As a result, the business will be able to budget operating expenses and capital purchases more accurately, while reducing the likelihood of unforeseen costs.
More Time to Focus on Core Business Activities If your firm is to be successful and profitable, the management team needs to spend time planning and directing the company’s business strategy and not wasting time worrying about managing administration, payroll, IT or HR. Outsourcing these functions allows the business to focus its management resources on driving the business forward.
Outsourcing is not for Everyone Some might argue that outsourcing creates loss of control, less flexibility, questionable savings and the risk of over dependence on external vendors. Signing up to and implementing an outsourcing arrangement takes considerable management time. Finding and selecting the right outsourcing company can take months. Outsourcing companies need to be given overall direction and guidelines in terms of what needs to be done, and therefore, some level of supervision by management will be needed. It is important to be careful when deciding what business functions to outsource and to whom. The management team needs to be clear in terms of its expectations and the cost savings must be attractive and worthwhile for the business.
Raffingers Foundation We are delighted to announce that we have launched Raffingers Foundation in order to raise money for Ovarian Cancer Action and Pancreatic Cancer Research Fund, two charities very close to our heart. Raffingers Foundation has been created in memory of Jason Kew, a dear husband and friend, who sadly lost his battle against pancreatic cancer, as well as to honour those family members of the firm who have been lost to ovarian cancer. For these reason, funds raised by the Foundation will go towards scientific research and specialist staff and equipment, helping to put a stop to the number of women and men suffering and dying from these terrible diseases. More about the charities Ovarian Cancer Action, a charity that strives to stop women dying from ovarian cancer by funding worldclass scientific research leading to innovative treatment and progressive solutions. Pancreatic Cancer Research Fund, a national charity dedicated exclusively to supporting research to improve diagnosis and treatment of pancreatic cancer. We have many events organised throughout the year to support these great causes. All of the money raised will be split equally between the two charities.
Upcoming Events Nuclear Races Date: 15 May 2016 Eight members of the Raffingers team will be tackling a 12km, muddy, obstacle loaded farmland to raise awareness and money for Ovarian and Pancreatic cancer. Annual Charity Golf Day Date: 30 June 2016 Venue: Toot Hill Golf Club Not only will this be our tenth Charity Golf day, but it will be the first Golf Day we hold in aid of Raffingers Foundation. Back to School - Football and Netball tournament Date: 7 July 2016 Venue: West Hatch School Submit a seven a-side team to take part in our football and netball tournament in July.
All of our upcoming events are listed opposite; we would love for you to get involved.
For further information or to get involved with any of our events, contact: Danniella Cross 020 8418 2709 danniella@raffingers.co.uk
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The Placement Group Expands with Acquisition CLIENT NEWS
The Placement Group has acquired Primary Care Recruitment (PCR) for an undisclosed sum, following agreement on a new six-figure funding package with Clydesdale Bank. The Placement Group provides permanent, temporary and flexible staffing services across a range of medical specialties to both NHS and private sector healthcare organisations. PCR operates throughout Europe, primarily sourcing nursing personnel and other healthcare professionals for European healthcare markets. Its European representatives are based in a number of satellite locations which are supported by a network of multilingual account managers. The acquisition of Dublin-based PCR’s 25 staff members sees numbers at The Placement Group increase to approximately 100. The Placement Group finance director Simon
Goldsmith said: “The acquisition of PCR provides the group with a number of benefits, strengthening our existing offering within the UK and enhancing our ability to extend our reach into the European healthcare sector”. In addition to the supporting six-figure funding package, the deal also sees an increase in the group’s existing invoice finance facilities with Clydesdale Bank. Clydesdale Bank’s business & private banking centre head George Eleftheriou said: “The Placement Group has established an excellent reputation for the high quality of its services to the UK healthcare sector. This acquisition enables the group to expand into Europe and we look forward to supporting them as they realise their vision for the business”. The Placement Group provides healthcare recruitment services.
For further information please contact: The Placement Group P: 0845 230 6666 E: contact@tpgplc.com A: Wellington House, Hertfordshire, EN8 7HF
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specialist
Employee Spotlight In this slot we introduce you to a valued member of our team, allowing you to put a face to a name. This quarter we speak to our Audit Manager, Hetal Mistry. Name: Hetal Mistry Email: hetal@raffingers.co.uk Career history: After obtaining my economics degree from University College London and after careful thought, I decided my career would follow the path of accountancy. After six years of experience with many different entities, including Baker Tilly, Felton Pumphrey and Grant Thornton UK, I joined Raffingers in January 2016 as an audit manager. Interests: I am a Liverpool fan and am lucky enough to have been at the Ataturk stadium to watch the mighty reds come back from three nil down and beat AC Milan. This was in 2005 on a cold night in Istanbul and was one of the greatest nights of my life. I also enjoy travelling. I travelled around 14 countries in Africa where I walked with lions, did the biggest bungee jump in the world and sat with Silver back Gorillas in Uganda. During my time in Africa, I taught maths at the Soft Power project for orphaned children. I also travelled to Bolivia, Peru and Brazil and was fortunate to have had the chance to complete the Inca Trail and party samba style at the Rio Carnival. Partners Report: Since joining in January, Hetal has been a breath of fresh air and is now responsible for overseeing our whole audit process. Not only this, but he has also taken on the responsibility of our internal audit training programme. Hetal has fitted into the team well and has achieved a lot in such a short space of time. We now look forward to seeing Hetal develop further within our team.
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Planning Your Exit Strategy Building a good business is one thing. Knowing when it is time to sell it is an entirely different matter. For many entrepreneurs it is not enough to build a business, they have to make sure they have an exit strategy, a way to get the money back out, too. Depending on whom you are and what kind of business you have, an exit strategy may mean something completely different to you compared to somebody else. Therefore, you must consider whether you plan to exit for retirement or to move on to your next venture. Without a proper exit strategy, you risk losing some of the value that you have created or you could miss the perfect opportunity to sell your business as a result of being unprepared. Here are a few things to consider when creating your exit strategy.
Options Consider the various options that will be available to you. You can sell the business outright and move on. Alternatively you can list the business on the stock
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exchange through an Initial Public Offering (IPO). This would allow ownership of the business to transfer to shareholders, but you probably would not be able to walk away immediately. Another option would be to pass your business on to the next generation. In order to do this you may need to set up a family trust so that you can structure the transfer of ownership to your children in an appropriate manner. Or, you may be looking to wind the business down, extracting cash over a period of time and eventually closing the doors.
Timing Only you will really know when it is time to exit your business. You may feel you have had enough, are too old or perhaps just ready for your next challenge. You may see the potential to expand into other markets and need to find a way to fund that opportunity. Regardless of when you are ready to sell, make sure that the timing of the sale is right for the market. You should also build enough time into your plan to allow for professional advisors to complete due diligence.
Selling Your Business FAQs Is my business saleable? The majority of businesses are saleable. Areas where difficulties may arise are loss making companies, those in terminal decline and those where all of the work is carried out by the owner.
Why do I need to plan the sale of my business so far in advance? The downsides can be more damaging than the upsides if you do not plan ahead and actively manage any negative aspects before and during the sale process. Possible results of a process being run incorrectly could be: • Your customers find out and leave • Your employees find out and leave • Your competitors find out and attempt to steal your customers and poach employees • Your competitors feign interest to gather otherwise confidential information
How much will my business be worth?
The Right Team Consider the team of advisors that you will need to successfully complete the transaction. The business will need to be valued; you will need tax and legal advice. There will be lots of administration required and you may also need to consider financial planning to create appropriate structures to manage your wealth as a result of the sale.
Cost Regardless of the type of exit strategy you choose to develop, there will be an element of cost to consider, such as professional advisor fees, tax bills or transaction fees. Make sure that you have enough cash provisions to cover these exit costs.
For further information: Adam Moody 020 8418 2683 adam@raffingers.co.uk
This will primarily depend on the circumstances, but is often based on earnings, cash flow, turnover, asset value and the strength of the industry in which the business is in. Your advisors will provide an indication of what you can expect to get for your business. However, the final price you receive will ultimately depend on what a purchaser is prepared to pay for it. Therefore, it is best to try and get interest from more than one potential purchaser so that you have room to negotiate. It is also best to prepare documents to support high valuations to guarantee to get the price you want.
How long will it take to sell my business? This all depends on the market. In order to get the best possible price for your business, you need to groom your business for sale beforehand and the longer you take to do this; the easier it will be to attract potential buyers. This can take anything from a few weeks to several months. Once you have sold your business, you then need to account for negotiations and the completion of the sale, which will take a minimum of a month.
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Head Office 19-20 Bourne Court, Southend Road, Woodford Green, Essex, IG8 8HD Tel: 020 8551 7200 Fax: 020 8551 0912 Email: info@raffingers.co.uk London Office 3rd Floor, 5-10 Bury Street, London, EC3A 5AT Tel: 020 7167 6880 www.raffingers.co.uk facebook.com/Raffingers
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