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Selling customers

  • 11-06-2016 10:23am
    #1
    nsa0bupkd3948x
    Closed Accounts Posts: 783 ✭✭✭


    I run a business and have customers that pay me either monthly or annually for a service. I am looking to sell the customers to another company and then shut down the business. I am currently registered as a sole trader. What tax would I face on the income?


Comments

  • #2
    Lockedout2
    Registered Users, Registered Users 2 Posts: 402 ✭✭Lockedout2


    The sale of a business or a client list is subject to CGT. You may qualify for retirement relief of you meet the criteria.


  • #3
    CIARAN_BOYLE
    Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    Noemi Billions Steamer wrote: »
    I run a business and have customers that pay me either monthly or annually for a service. I am looking to sell the customers to another company and then shut down the business. I am currently registered as a sole trader. What tax would I face on the income?

    CGT if possible look at whether you qualify for retirement relief.


  • #4
    nsa0bupkd3948x
    Closed Accounts Posts: 783 ✭✭✭nsa0bupkd3948x


    If I sold the customers to a third party for a once off fee and then I get a 100% commission of income up to €X amount. Would I pay CGT on the original amount and income tax on the commission? Even if the commission is up a guaranteed amount?


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