If you are considering selling your business or other business assets, including shares, machinery and even goodwill, capital gains tax (CGT) is likely to be an important consideration.
CGT is also levied when you sell or give away certain assets that have increased in value, including property other than your main home and personal possessions worth £6,000 or more, such as jewellery, paintings or antiques.
With the tax levied at 18 per cent or 28 per cent, depending on whether you are a basic or higher rate taxpayer, we offer a comprehensive range of services designed to maximise CGT efficiency, including:
- helping you make the most of the CGT personal allowance and other exemptions and reliefs
- advising on the CGT implications of any business transaction or the sale other assets liable to CGT
- advising on the timing of disposals to minimise tax due
- helping to ensure business disposals qualify for Entrepreneurs’ Relief, which reduces the CGT rate to ten per cent on lifetime gains of £10 million
- advising on gift and transfer strategies.
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Self-employed workers in the UK have reported their struggles to acquire a mortgage, after HM Revenue & Customs (HMRC) changed the way it issues details of tax calculations and tax year overviews for submission with mortgage applications.
Until recently accountants and workers themselves have been able to obtain a paper copy of form SA302 that lenders require in order to complete the mortgage application process.
However, from 4 September 2017 HMRC has confirmed that it will no longer issue paper copies and will instead provide digital versions.
This will make the process of securing a mortgage more difficult for self-employed workers and may even further restrict the number of lenders that will offer a mortgage, with reports already coming in of lenders insisting on original paper copies rather than electronic printouts.
Self-employed individuals and their advisers will be required to supply the relevant year’s tax computation, printed from the adviser’s software, along with the tax year overview that advisers can print from HMRC’s online services website, in order to act as a self-serve SA302 that will satisfy lenders.
HMRC has already undertaken discussions with UK Finance, formerly the Council of Mortgage Lenders, about lenders’ requirements. However, the list of lenders who will accept self-serve SA302 forms omits some big high street names.
Many accountants are therefore reminding self-employed individuals to check their lender’s requirements early on in the mortgage application process.
LINK: SA302 Tax Calculation