Rural Businesses: Having the right business structure from a tax perspective
We explore how different business structures are treated for tax purposes and key issues for you to think about. Do you currently run a rural business? Are you planning to diversify or start up a new venture? Having the right business structure is crucial and, as each farming business operation is different, you may need to review how your business operates to ensure you have the right structure which is appropriate for your situation. Rural businesses are unusual in that they are more diversified, and it is important to check if your business structure remains the right one to use if you diversify into a new business activity. What will you hear?CLA Chief Taxation Adviser Louise Speke talks us through the different types of business structures, how different structures will be treated for tax, the benefits of running a farm or land-based business in a partnership, and how you have structured your business will influence inheritance tax on your estate. You will also hear from CLA Senior Taxation Adviser Jimmy Tse who explains the core differences between a partnership business and company in how the profits are taxed, the main tax issues relating to selling assets or getting assets or cash out of a company, and what to think about when planning to retire from your business from a tax perspective. Hosted on Acast. See acast.com/privacy for more information.