Jan 26, 2023 | CGT, Tax FAQ
Chattels Certain assets such as plant, watches and paintings valued below £6,000 are exempt from capital gains tax but there are some restrictions, explains Chris Thorpe, technical officer at CIOTWithin the Taxation of Chargeable Gains Act 1992 (TCGA 1992) are listed...
Mar 23, 2022 | CT, Tax FAQ
Corporation Tax The Corporation Tax deadline is 9 months and 1 day after a registered companies year end.All businesses registered at companies House have to record their income and profits, and company accounts, as well as a tax return and a confirmation statement....
Dec 16, 2020 | BIK, Tax FAQ
What is the guidance for Benefit in Kind Tax (BIK) for planes and boats? The short answer is yes, and since 6th April 2017, the rules for Benefit in Kind Tax (BIK) on Asset made available to a director or employee (or their family or household) without transfer have...
Dec 16, 2020 | CGT, Tax FAQ
Paying Capital Gains Tax (CGT) You can pay your Capital Gains Tax when you file the return through the HMRC website, using the link above (When do I pay Capital Gains Tax?), or you can pay it through your Self Assessment account, after logging onto your personal...
Dec 16, 2020 | CGT, Tax FAQ
Capital Gains Tax (CGT) reliefs There are reliefs you can claim which will mitigate the calculated gain, such as Private Property relief and Letting relief in the case of Houses and Land, and such as Business Asset Disposal relief (formerly Entrepreneurs relief) and...
Dec 16, 2020 | CGT, Tax FAQ
Capital Gains Tax (CGT) A Capital Gains Tax (CGT) return should be filed whenever you sell, or dispose of a Capital Asset, such as a house, land or business assets such as shares in a trading company. The amount of tax may be very little or even nil, but the return...
