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Top 10 tips when buying a business

Purchasing a business can be a complicated process. Here are our top 10 tips when buying a business. 1. Make sure you know exactly what you are buying It may seem like obvious advice but the due diligence procedure, where the business is examined in detail, is often the most crucial part of a purchase transaction. It is vital that you and your legal and accounting advisors examine the various aspects of the business including its accounts, commercial contracts, employee details, premises and other liabilities. Due diligence should also reveal how…

10 things to consider before purchasing a home

1. Choosing your solicitor and other professionals Becoming a homeowner for the first time or buying a house is a financial and emotional decision that requires the experience and support of a team of reliable professionals including a solicitor, an estate agent and possibly a lender and a range of other individuals. Appointing a team as soon as possible is key to the transaction. 2. Finance Working out what you can afford can help you plan and make a decision on a property purchase quickly. A pre-qualification letter (agreement in principle)…

Immigration Act 2014 – Tougher responsibilities on landlords

Earlier this year the Government's bill to tackle immigration was passed. The Immigration Act 2014 ("the Act") broadens the policing on immigration by placing additional responsibilities on the public at large, and more precisely on landlords. Under the Act landlords will be expected to examine if a prospective tenant has the right to be in the UK. If a landlord is found renting a property to an illegal migrant without carrying out the necessary checks that is expected of them under the Act they may find themselves liable for a…

Lasting Powers of Attorney and why you need one

With an ageing population in England and Wales, mental capacity is increasingly becoming an issue for a wide range of families. Mental capacity is a legal concept which defines a person's ability to make a specific decision or to do a particular act. If a person loses capacity, safeguards need to be put in place to cater for the eventuality. What are the safeguards? Preparing Lasting Powers of Attorney The answer is: preparing Lasting Powers of Attorney, whilst one still has capacity, in anticipation of the possibility that at some…

Top 10 tips when selling your business

Deciding to sell your business is by no means an easy choice to make. Here are our top 10 tips for getting everything in order and preparing your business for sale. 1. Obtain a business valuation One of the first things you should do is obtain a realistic idea of what your business is worth from an objective, outside source. A professional valuation will give you a basis for gauging offers from buyers and will give you an idea of what you can expect to achieve on a sale. It…

Child Maintenance – A system for the better?

A new Child Maintenance system came into force on 30 june 2014 according to a Press Release from the Department of Work and Pensions of the same date. The Child Support Agency (CSA) will be closing its cases over the next 3 years and those parties will have the option of agreeing maintenance between themselves or using the Child Maintenance Service (CMS). There will also be a new fees for those parties wishing to use the CMS as follows: A one-off application fee of £20.00. This fee is not payable…

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