Allowances frozen and cut
It is easy to forget the hidden tax rises which are created by frozen and cut allowances, so here is a quick reminder.
Recognising capital losses
The annual capital gains exemption (currently £12,300) will be cut to £6,000 on 6 April 2023 and £3,000 in April 2024.
What can you claim as a capital allowance?
Capital allowances allow you to deduct some or all of the value of an item from your profits before you pay tax. Here’s what you need to know.
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.