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Transferring Business And Bookkeeping To The Next Generation
Bob and Jean Miller had been clients of Towers + Gornall for a good number of years. The time had come for them to retire and let their son and daughter-in-law take over the family business. Both generations needed to be happy with the transition to enable Mum & Dad to have funds for their retirement but also to allow for the continued financial viability of the business.
The young couple required finance in order to purchase the farm from their parents and Towers + Gornall were able to introduce them to potential banking partners to facilitate this. Furthermore, and for the purposes of calculating items such as stock and plant + machinery, we worked alongside professional valuers with whom we hold a longstanding working relationship.
Towers + Gornall prepared tax calculations including holdover relief claims, private residence relief claims and herd basis election claims in order to complete this transfer of the business in the most tax efficient manner.
Upon completion of the transfer we introduced the new business partners to our online accounting solution, having identified that they would benefit from having access to current financial data. Via our online solution they have been able to produce up-to-date management reports, and use the software to keep their books and produce VAT Returns. Towers + Gornall staff have also been on hand to answer any questions and give advice over anything relating to bookkeeping transactions, financial figures and VAT Returns as we are able to view the data at the same time as the client, from our offices.
Bob and Jean were kind enough to say the following:
We are so happy we retired when we did. We get our monthly loan repayment from Robert which enabled us to purchase our dream house and really enjoy our retirement. All our worries we had about how Robert was going to take over were unnecessary thanks to the expert advice Jonathan gave us. We are both glad we retired when we did.