Tax Update – June 2022

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

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Christmas is the Time for Giving

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

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On the Accounting Horizon

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

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Folkes Worton Insight

Selling the family heirlooms

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

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Folkes Worton Insight

The scope of CGT incorporation relief

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

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Folkes Worton Insight

CGT and chattels

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

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