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Alan Maddick
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You short answer is yes what you say could work and could be a good idea (depends on your tax position this year)

But the overall structures used and structures of your payments will effect this as mentioned by precise tax – really most easy to discuss with your Accountant but if you want us to answer properly you need to give us more info;

  • What did you buy – ie did you buy shares in the new company or just the business (goodwill & assets)
  • What did you buy it with? – ie did you buy the business in your name or did you use a structure like a company or trust to buy it with?

What business structure are you trading with for your existing business — Sole trader / Company or ?