MBD has a tip of the week for you
Every week MBD gives a business Tip of the Week. For details visit: https://mailchi.mp/mbd-co/mbd-has-a-tip-of-the-week-for-you-0yolqjaoba-5248018
Every week MBD gives a business Tip of the Week. For details visit: https://mailchi.mp/mbd-co/mbd-has-a-tip-of-the-week-for-you-0yolqjaoba-5248018
Continuing upward trend in employment tribunals should be a warning to high street businesses according to HR specialistsThe latest figures from the Ministry of...
DATE FOR THE DIARY - THIS IS YOUR CHANCE TO ASK THE QUESTIONS AS WE WELCOME DOMINIC HARRISON, DIRECTOR OF PUBLIC HEALTH AND WELL-BEING TO THE NEXT HIVE EVENTWhe...
Is your website and its content accessible to all? If not, how many users and potential customers could it affect? How much business are you losing? Web Accessi...
A Tribunal has recently decided that an individual engaged as a temporary worker by an agency was entitled to accrue holiday pay during the period on which she...
Meet Debbie, Here at Total Insignia, we are happy to introduce Debbie our brand-new member of the team. Debbie has worked within the textile industry for ove...
Succession planning is a key part of any business and it requires foresight and specialist guidance.
If you hope to retire in the future, having a succession plan in place at least three years in advance will put you in a much better position and will enable you to explore your options. You will want to consider all succession options and having experienced advisers to assist can ensure that you have taken all considerations into account, including all legal, financial and tax implications.
One option you might wish to consider when putting your succession plan in place is a sale to an employee ownership trust (an EOT). Employee ownership is an increasingly popular form of shareholder exit and should be considered if you are reluctant or unable to sell to a third-party buyer, you are concerned about the damage to the business’s legacy by exiting via the conventional routes and you see benefit in rewarding employees who have helped to grow the business.
A disposal to an EOT can involve a sale of all the shares or of a majority shareholding (>50%) to the trustee of the EOT which holds the shares for the benefit of all the employees in the business. This means that no employees hold shares in their own right but rather the trustee acts as the custodian of employee ownership for the benefit of all staff.
A financial advantage of a sale to an EOT for current shareholders is that the proceeds of sale would not be subject to capital gains tax. This is an important consideration, but the current growth in employee ownership is down to a combination of factors, including a desire to protect a business’s culture, a wish to incentivise employees and an understanding that employee ownership can lead to resilient and sustainable business performance.
Provided that the various qualifying conditions are satisfied, employees of companies which are majority owned by an EOT are entitled to income tax-free annual bonuses of up to £3,600 per year. Independent research clearly demonstrates that employee ownership is mutually beneficial for employees, the business and the wider economy.
Securing an exit to an EOT requires expert legal guidance to ensure that the deal is structured effectively. Brabners have a specialist employee ownership team who can guide you through the process and advise you on your succession journey.
Join us for EO Day 2021, a national celebration of employee ownership on June 25 2021, and shout about why business is #BetterTogether for the individual, the business and the economy.
In partnership with Cumbria Chamber of Commerce, we are delighted to bring you a unique opportunity to meet, and hear from, three award-winning entrepreneurs, a...
We are delighted to be hosting Colours Fashion show for a third year at Plungington Community Centre.Come and grab yourself a Christmas bargain or treat yoursel...
The Chancellor of the Exchequer will present the next Budget to Parliament on Wednesday 30th October 2024. Following the Speech, we are hosting a FREE seminar w...
Following on from the success of Your Business Bootcamp, Community & Business Partners are pleased to run its online versionYour Business Bootcamp Bitesize will...
Whether you are in the early stages and just seeking information or you have been considering adoption for a while, joining us at one of our online information...
The Konsortia Partnership are groups of local, professional small and medium-sized (SME’s) businesses in property and construction based in Manchester and Prest...