If you are selling a residential property other than your private residence, then you must report the sale to HMRC within 30 days, or you will have to pay penalties. New rules introduced from April 2021 mean that anyone selling a residential property, where there is capital gains tax to pay, will have to report … Continue reading Selling Property? – Watch Out for the New 30-Day Tax Penalties
Tag: Capital Gains Tax
Cwmbran-based Green & Co Accountants and Tax Advisors, is urging those purchasing property to check carefully all the details announced as part of a raft of incentives designed to shake the economy back into life following the effects of Covid-19. Announced on Wednesday 08 July, Chancellor Rishi Sunak increased the Stamp Duty threshold from £125,000 … Continue reading Landlords and Property Owners: The Differences Between Wales and England Following the Chancellor’s Statement
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There are three major changes on the horizon which will affect the sale of residential properties. The changes are: Replacement of lettings relief with lodgers relief Reduction of the final exempt period Reporting capital gain All of the changes come into effect from 6 April 2020. It is important to bear in mind that the … Continue reading Property Tax: Tax on the Sale of Residential Property
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Entrepreneurs’ Relief (ER) is a valuable tax relief for individuals seeking to dispose of their business. It can give access to a 10% rate of capital gains tax (CGT), subject to a £10 million lifetime limit. ER is potentially available to company shareholders, trustees, and owners of, or partners in, unincorporated businesses. However, important new … Continue reading Disposing of a Business? Make Sure to Claim Reliefs
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Entrepreneurs’ Relief (ER) is available to taxpayers on the disposal of the whole or part of their business. ER means that you pay capital gains tax (CGT) at a rate of 10% rather than 20%, subject to a lifetime limit of £10 million. Following the 2018 Autumn Budget, new conditions have been introduced to ensure … Continue reading Entrepreneurs’ Relief: An Update
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We are delighted to bring you our summary of the key announcements in the Budget 2018 statement, made on Monday, 29 October. The personal allowance will be raised to £12,500 from April 2019, one year earlier than previously planned. At the same time, the higher rate threshold will rise to £50,000, also a year ahead … Continue reading Budget 2018: What you need to know
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With 5th April fast approaching, here are some tax planning suggestions you may like to consider before the end of the tax year. Income Tax and Capital Gains From 6th April the Personal Allowance increases to £11,850 and the Capital Gains annual exemption to £11,700. This provides opportunities to defer income and gains to the … Continue reading Year End Tax Planning
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When a business is operated through premises that are owned or let by the business, claiming for rent, rates and utilities, etc., is all relatively straightforward. However, when the business is run from the home of the proprietor or director (if a limited company), then the expense claim requires a little more thought. If you … Continue reading Tax Relief When Home is The Office
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Believe it or not, Autumn is almost here and it's time for the Autumn 2016 edition of our newsletter, this time featuring: Tax Saving Tips for Businesses Passing on the 'family home': the additional nil rate band Is your capital gains tax bill as low as it could be? Revenue extends RTI late filing concessions … Continue reading Autumn 2016 Newsletter
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Following on from the Chancellors 2016 Budget statement, we are pleased to provide you with our summary of all the key points, including: The new Lifetime ISA Cuts for Capital Gains Tax and Corporation Tax The restructuring of Stamp Duty Land Tax Abolishment of Class 2 NIC for the self-employed An increase in the Personal … Continue reading 2016 Budget Review
