Capital gains and inheritance tax
Capital gains made by individuals are generally taxed at lower rates to income and taxpayers benefit from a separate annual exemption that covers the first £12,300 of gains made per year.
Put family first for tax efficient succession planning
Businesses take years to build up with the owners spending the best part of their lives ensuring they are successful. But what happens when it is time to retire? An obvious solution is to pass on the company to family, but care should be taken to avoid a considerable tax bill.
Reporting UK property gains
In 2020 HMRC introduced a new system for paying capital gains tax (CGT) due from selling residential property in the UK, but many solicitors and estate agents are still unaware of the new requirements.
Divorcing couples may no longer need to settle their estate within a year
The Government has announced plans to relax capital gains tax (CGT) rules in divorce settlements, so spouses and civil partners will have more time to transfer their assets.
Car or van questions
When completing the annual expenses and benefits return (P11D) you need to know what company-provided vehicles each employee and director used in the tax year.
Reporting employee expenses
It is time to report the expenses and benefits provided to employees during the year to 5 April 2022.