In this Tax Tip, I use the story of Peter the Printer — a fictional business owner — to walk through a common tax scenario that catches SME owners out. It’s the kind of situation I see regularly, and Peter’s story is a good way to make it real.
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Peter runs a successful printing business. Like a lot of business owners, he’s focused on the day-to-day — keeping clients happy, managing cash flow, growing the business. Tax is something his accountant handles at year-end.
But when Peter decides to sell, he discovers that a few decisions made years ago — or more accurately, not made — have a direct impact on how much tax he’ll pay on the way out. Reliefs that could have applied don’t. Structures that could have been in place weren’t.
Peter’s story isn’t unusual. It’s one I hear variations of every week. The good news is that with the right advice, most of these situations can be improved — sometimes significantly.
Does Peter’s story sound familiar? A short conversation could help you avoid the same outcome.
