I'm on stage first week of November in Thoroughly Modern Millie.   This show won the Tony award for best musical in 2002.  So despite many people thinking its based on the - rather dated - 1967 film with Julie Andrews its quite different.  For a start all bar one of the songs were new in the musical, and its funnier.   

Thoroughly Modern Millie tells the story of young Millie Dillmount, who has just moved to the city in search of a new life for herself. It’s a New York full of intrigue and jazz - a time when women were entering the workforce and the rules of love and social behavior were changing forever.   Millie samples the "thoroughly modern" flapper life, makes friends, finds unexpected romance and nearly gets caught up in a white slavery ring.  Oh and I'm playing Jimmy Smith.

SIMADS are presenting the show at the Burgess Hall, St Ives, between 6 November and 9th November.   Directed by Scott Andrews,  with Musical Director Alana Thackray.

Book your tickets here http://www.ticketsource.co.uk/event/41193 

We're once again running our Business Exit Strategies seminars this autumn.   These are not just about selling out.   Many of our attendees are looking at longer term planning, and the topics we cover including how to build value in the company through grooming, saving tax, and valuation can all help with such planning.

People often need formal valuations for the tax authorities, or perhaps during divorce or a shareholder dispoute.  But its just as important to measure how the value of your businsess is growing as you execute your plan.

We cover how to value your business in the event.   There are many myths out there about business valuations.  It is probably true that its an art, but its also a science.  We try to convey the basics, and to debunk some of the myths that are peddled about this important subject.   I promise we do this in a lively and interactive way - no dry theoretical content.

Other key topics covered include putting in place your ownership strategy : succession planing : management buyouts : tax planning : selling your company : negotiating the deal.

The events are being held in Northampton, Stevenage and Brentwood on 7th, 21st and 28th November.

Visit our website for full details and to book or you might like to call Peggy on 01223 728280 and she can take your booking personally.

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Many business owners think they’ll automatically get Entrepreneurs’ Relief (ER) when they sell their business.  Of course it’s really important to get it  - it reduces the to 10% on qualifying gains up to a lifetime limit of £10 million.  But it’s by no means guaranteed and there are a number of conditions which have to be met.  If you get it wrong you pay 28% tax instead.
I’m not a tax adviser but it’s worth rehearsing the key rules and pitfalls.

The basics

You must have owned your business for the 12 months leading to disposal (which can include sale, gift, incorporation, transfers to a trust and cessation).   Most business owners will have owned the company for that period – but we quite often find that some shareholders have more recently acquired their shares.   You also have to hold at least 5% of the equity – it’s surprising how many 4.9% shareholders there are out there.  

Trading businesses only

Only trading businesses qualify. Investment assets are not eligible and so a general property investment business does not qualify whether the property is commercial or residential. To confuse matters some property based businesses such as a hotels or caravan sites might qualify.
There are complicated rules to be followed where an asset has been partly used for the trade, or where an asset held outside the business has been used in the trade.

What about a part disposal?

Good question! Again more complex provisions to cover whether or not a part disposal qualifies. This complexity extends to situations where part of the business is disposed of in a winding up.

Making sure that you get ER can be a tricky business.   And it’s probably worth making it part of your exit strategy planning.  No point in grooming the company for sale, then paying too much tax.