What is the best way to deal with “father wants to pass the grocery shop to his son”?
A prospective client wants to see me to discuss a possible move from his old accountant to me. His old accountant is really old and wants to retire or pass the clients to his daughter. But the client would like to come to me.
Case: Father is the owner of the shop at the moment. This is a small grocery shop. Father wants to close the shop from his name and make a fresh start for his son.
Q: Why doesn’t he pass it on to his son?
Answer: His old accountant think it would be good for him to close it in his name and the son starting it fresh registering self-employed.
So in this situation, I believe we should prepare the final accounts at closing date and complete all necessary paperwork and after that we deregister the father from self-employed.
Then, we registrar the son as self-employed and register him for PAYE employer, VAT reg if necessary etc.
Do you think it will be better for son to registrar a ltd company and operate under that with a trading name?
I know it will not be that simple, there will be more complication than that. Could you please discuss the possible problem I might find on my way to this process completion? Or please give me some advice from your experiences. Any discussion to this would be helpful and much appreciated. You can also advise me about the fees I should charge etc.
Many thanks for your time and effort.