In this month’s ‘Tax Update’ there’s information about Employee Benefits, the Employment Allowance, buying an Electric Car, Salary Sacrifices, Capital Gains Tax and Advisory Fuel Rates for Company Cars. Report Employee Benefits on Form P11D by 6th July P11D forms for reporting expenses and benefits in kind provided to employees … Continued
With Christmas only a few weeks away, a traditional time for giving both in business and personally, we take a look at some of the tax rules that may affect you and the recipients of the gifts. Many were expecting the Chancellor to announce changes to Inheritance Tax (IHT) in … Continued
Here’s some of the key Accounting and Tax dates for 2022: DATEEVENT31st January 2022 Deadline for filing and paying Self-Assessment Tax Returns for tax year ending 5th April 2021, avoiding interest on overdue payments Deadline for filing 2020/21 Capital Gains Tax (CGT)Balancing payment of tax due for 2019-20 First payment … Continued
If you sell residential property in the UK, with a few exceptions, you must file a ‘UK Land Return’ within 30 days of completion and pay the Capital Gains Tax (CGT) due. We are finding that clients are not being advised of this by their solicitors, so if you are … Continued
Entrepreneurs' Relief (ER) can be a valuable relief when selling your business, your shares in a trading company or your interest in a trading partnership. Where ER is available Capital Gains Tax
There are special rules concerning the payment of Capital Gains Tax (CGT) on the sale of personal possessions also known as 'chattels'. Personal possessions are generally defined as
Historically, the term bed and breakfasting (sale and repurchase) of shares referred to transactions whereby someone sold shares one day and bought them back the next morning. This used to have
Entrepreneurs' relief applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. Where this relief is available Capital Gains Tax
Where a taxpayer owns a business as a sole trader or in partnership, a Capital Gain will be deemed to arise if the business is converted into a company by reference to the market value of the business
A charge to Capital Gains Tax (CGT) usually arises after an asset is sold. However, there are special rules concerning the sale of certain personal assets that are worth considering. That is because
