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Business owners need to plan for succession, says TWP Accounting

One of Surrey’s leading independent accountancy firms, TWP Accounting, is calling on business owners to consider the future of their business and succession plans.

The events of the last year have forced many entrepreneurs and business owners to reconsider their future plans in light of the impact of the pandemic.

That is why the experienced advisors at TWP are advising owners to put plans in place soon if they intend to pass on or leave their business in the next five to 10 years.

Paul Hawksley, Managing Partner at TWP, said: “Succession isn’t something that just happens overnight, in most cases. It takes years of careful planning and preparation, which can include training the right people within the business and seeking finance and investment.

“There are many reasons why business owners consider succession, from retirement, ill-health or to aid with the rebuilding of a company, but whatever the reason it is always best to have a clear plan in place.”

Paul said disposing of a business, whether through a sale or by transferring ownership to others, could have a big impact on a person’s tax bill as well, which is something that is often not considered.

“Those looking to hand the reins over to a new management team need to think about how they dispose of their shares, as it could affect how much they take away from the disposal of their business,” said Paul.

“There are various reliefs and allowances available to business owners, including Business Asset Disposal Relief, which was formerly known as Entrepreneur’s Relief, which can significantly reduce how much tax an owner or shareholder pays.”

To help local business owners develop effective succession plans, the experienced team of accountancy, tax and business advisers at TWP’s offices in Weybridge and Cranleigh have prepared a detailed guide, which they are offering for free. To download this helpful guide, please click here.

If they would like further advice and support with succession planning, TWP’s team is also standing by to offer bespoke assistance to meet the needs of owners and their businesses.

To find out more about TWP’s succession planning services, please call 01932 704700.