H
Halfpenny
Guest
Hi All,
I am posting on behalf of my parents who unfortunately missed the rise of the PC and the Internet.
My parents are both Directors of a limited Company which they set up 30 years ago to carry out the business of running a shop. On the advice of their accountants they purchased a retail premises in the name of the Company.
My parents are now 60 years of age. The shop itself has been greatly affected by the recession and they hope to retire shortly.
Their employement and sole source of income over the last 30 years has been the shop itself.
The sole business asset is the retail unit and we are looking to transfer this, as tax efficiently as possible, into my father's name.
We intend to get professional advice in relation to tax planning. We would, however, greatly appreciate any advice or ideas that anybody on here can offer as we will not be able to afford to instruct a tax advisor to weigh up various different options.
Thanking you in advance for any posts,
Halfpenny.
I am posting on behalf of my parents who unfortunately missed the rise of the PC and the Internet.
My parents are both Directors of a limited Company which they set up 30 years ago to carry out the business of running a shop. On the advice of their accountants they purchased a retail premises in the name of the Company.
My parents are now 60 years of age. The shop itself has been greatly affected by the recession and they hope to retire shortly.
Their employement and sole source of income over the last 30 years has been the shop itself.
The sole business asset is the retail unit and we are looking to transfer this, as tax efficiently as possible, into my father's name.
We intend to get professional advice in relation to tax planning. We would, however, greatly appreciate any advice or ideas that anybody on here can offer as we will not be able to afford to instruct a tax advisor to weigh up various different options.
Thanking you in advance for any posts,
Halfpenny.