Divorce: the tax implications for business people.
Following a divorce, what was once something that spouses do together becomes an altogether more complicated affair, especially when there are other things to be thinking about.
Tax considerations certainly won’t be at the forefront of any soon-to-be-divorced person’s mind, however they can have considerable implications.
Courts try to divide assets as equally as possible, by assessing the finances of each party. Furthermore, they’ll try to do so in a way that avoids any further financial obligations between the separating parties.
A transfer of assets outside the tax year of separation could attract a capital gains tax charge: this means that a tax charge could occur even though the divorce has not yet taken place.
With your accounts in order, and with us as advisors, the process goes much more smoothly. Freeing you from the burden of financial rules and regulations is what AIMS Accountants do for their clients.
This support doesn’t stop at with our clients’ business finances; we promise straight and direct communication, which in turn assures that our accountants know exactly how to best work in their clients’ interests.
It’s easy – and risky – to underestimate the impact of taxation on any eventual settlement. We help to establish the essential tax position, which helps both parties move forwards. Most importantly, we want to leave as much as possible across the whole family, in order to ensure that the divorcing spouses can distribute as much as possible.
We communicate in the way that works best for you.
If you want to know any further information get in touch with an AIMS Accountant today.