Yesterday, we received the first Labour Budget in fourteen years, which was significant! It included substantial tax increases. There is a lot to consider, so we can begin by examining the details of the Budget. However, before we jump to the nitty gritty, here’s a summary of how the Budget affects you depending on who […]
Category Archives: capital gains tax
07
Aug
Aug
The Capital Gains Tax (CGT) tax free allowance has now fallen to £3,000 (2024/2025). The policy was announced in the former Chancellor Jeremy Hunt’s first Autumn Statement in 2022. This reduction in the tax free allowance will result in more individuals being subject to the CGT regime. Additionally, most landlords selling their properties are also […]
06
Mar
Mar
Earlier today, Chancellor Jeremy Hunt delivered the Spring Budget, which probably marks his final budget in the current sitting of parliament. The Chancellor began by stating that the economy is now starting to improve. The Office of Budget Responsibility (OBR) is forecasting inflation to reach 2% in the next few months, and growth in 2024 […]
Capital Allowances, capital gains tax, HM Revenue & Customs, P11d, Payroll, Tax Tips
Getting ready for end of tax year
29
Mar
Mar
We are almost in April and that means one thing, end of the current tax year is approaching. So how can you be getting ready for the end of the tax year? There are a few things to consider over the coming week as the last day of the current tax year is 5th April […]
Business Tips, capital gains tax, Payroll, Personal Tax, Tax Advice, Tax Planning, Tax Tips
The Autumn Statement 2022
18
Nov
Nov
Yesterday we had the first Autumn statement from the newly appointed Chancellor. Jeremy Hunt was faced with a challenging economic backdrop to his first major set piece. He is grappling with a combination of over 11% inflation, a recession, and the need to re-establish the UK’s financial credibility following the turmoil of September’s mini budget […]
capital gains tax, HM Revenue & Customs, Tax Planning, Tax Tips
What is a post transaction valuation?
12
Oct
Oct
What is a post transaction valuation? When you sell an asset, you will need to report this to HM Revenue & Customs (HMRC) and pay any Capital Gains Tax (CGT). But you may not have sold the asset in question at market value so what do you do? In that case, you need to […]
capital gains tax, HM Revenue & Customs, Tax Advice, Tax Planning, Tax Tips
Capital Gains Tax Deferral Relief – Enterprise Investment Scheme (“EIS”) Investments
23
Feb
Feb
Are you thinking of selling an asset? Or have you recently sold or gifted an asset that gave rise to a Capital Gains Tax (CGT) liability? If so, there is an often underutilised relief that could improve your cash position; Capital Gains Tax Deferral Relief. If you pay income tax at the higher or […]
Business Tips, Capital Allowances, capital gains tax, Employee Benefits, VAT
Tax breaks for your garden office
26
Jan
Jan
Most restrictions in England will end tomorrow as Plan B comes to an end! Which side of the divide do you belong to? Is it time to get back to “normal” and for everyone to go back to the office? Or is it too early and we should all carry on working from home until […]
09
Nov
Nov
A lot of financial pundits including us were expecting last week’s budget to be a heavy hitter when it came to raising taxes. However, in the end this was not the case. The Office of Budget Responsibility’s recent announcements of a rebounding economy has given Rishi Sunak the confidence to delay tax rises. But there […]