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Making Tax Digital for Business update
Extensive changes to how taxpayers record and report income to HMRC are being introduced under a project entitled Making Tax Digital for Bus...Read more >
15 Apr 2017
VAT Flat Rate Scheme - Limited cost trader
Changes are being made to the Flat Rate Scheme (FRS) which take effect from 1 April 2017. These changes may mean that the FRS is less attrac...Read more >
10 Apr 2017
Construction Industry - Subcontractor verification
HMRC have confirmed in the latest Employer Bulletin that changes will be made to the verification of subcontractors in the construction Indu...Read more >
12 Mar 2017
Xero now has over one million subscribers!
At Prime we love Xero and have been fans from the start! It gives us immense satisfaction to see that Xero have now got more than One Millio...Read more >
7 Apr 2017
Pool cars - are you satisfying the five conditions?
Another tax case has been lost by a tax payer due to them failing to satisfy HMRC that a company car was in fact a pool car.Read more >
13 Mar 2017
What business can learn from sport
There are many correlations between Sport and Business, the planning and discipline that goes into being a successful athlete are equally ap...Read more >
8 Dec 2016
Contact Prime Today
For confidential advice regarding Capital Gains Tax, please contact us for a free initial meeting.Please Email Us >
Capital Gains Tax
Capital Gains Tax is a tax on the profit you make when you sell an asset. Careful planning of capital asset disposals to utilise your annual personal CGT allowance is essential to minimise your capital gains tax liability. With a personal allowance of £10,600 per tax year, any chargeable gains in excess of this are imposed at the following Capital Gains Tax rates:
- 18 per cent and 28 per cent for individuals (the tax rate you use depends on the total amount of your taxable income and gains)
- 28 per cent for trustees or personal representatives
- 10 per cent for gains qualifying for Entrepreneurs' Relief
Our experts at Prime can advise on the best solutions to manage your asset disposal. From offsetting to investing, transfers to timings, contact Prime for a free initial consultation to discuss your Capital Gains requirements.
CGT on Separation
It is also important to note that you may be subject to paying CGT if you are separating from your partner or spouse. This will depend on whether any capital transfers takes place during the tax year of separation, after separation or after your divorce.
Our fact sheet, CGT on Separation, will provide additional information but for completely confidential CGT advice concerning your own circumstances, please contact us.
Call Prime Today - we're here to help
For confidential advice regarding Capital Gains Tax, please contact our tax team today.
Coventry - 024 7651 8555 or Solihull - 0121 711 2468