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CAPITAL GAINS TAX
Capital Gains Tax is a tax on the profit you make when you sell a business asset. (Not to be confused with the total amount of money you receive).
If, as a business, you sell or transfer assets, for example the share capital in your business or other valuable personal assets such as a second home, you may be required to pay Capital Gains Tax.
You will need to tell HMRC of any capital gains or losses.
Also, you will need information about any tax relief you are entitled to as well as details about what you receive or have received for each asset.
The rates for Capital Gains Tax are asset dependent.
For example, you pay a different price when you sell a residential home than you would if you were to sell shares.
Also, the rate for Capital Gains Tax also increases if your income is relatively higher.
Our tax accountants will work with you closely to maximise your Capital Gains Returns through a variety of exemptions and reliefs.
Some of these exemptions and reliefs have only recently been introduced by the Government. Therefore, it is advised to talk through the long-term plans for your business with tax accountants.
That way, you can structure your assets, so when you do go ahead and sell, your Capital Gains Tax liability will be down to a minimum.
Keywords: Capital Gains Tax