Hello and welcome to the site. Thank you for your question.
Any gain from sale of business would attract capital gains tax.
The fact that you are ceasing to trade and selling the business as a going concern, you would be able to claim Entrepreneurs' Relief based on information given.
This would mean that your capital gain would be taxed at 10% instead of 18%.
Based on a sales price of £31,000 your chargeaable gain would be (31,000-11,000) £20,000 and the CGT would be (20,000 x 10%) = £2,000
This would appear to be the most tax efficient way of disposing of the business.
More information on Entrepreneurs' Relief can be found here
I hope this is helpful and answers your question.
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