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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A response to a freedom of information request has revealed that HM Revenue & Customs (HMRC) cancelled 270,000 late penalty notices in 2016.
However, this figure was dwarfed by the 610,000 cancellations in 2015 and the 400,000 cancellations in 2014.
The request was made by a partner in a ‘magic circle’ law firm, who was himself issued with a late penalty notice, despite having submitted his tax return in December, ahead of the 31 January deadline.
Despite having filed on time, when HMRC overturned the penalty in March this year, it nevertheless issued a letter, stating “if you file on time we won’t charge penalties”.
While HMRC revealed the number of late penalty notices that were cancelled over the three-year period, it did not disclose how many of these were the consequence of errors on the part of the Revenue, as opposed to the taxpayer having a reasonable excuse for late filing.
A spokesperson for HMRC said: “We don’t want penalties, we just want tax returns. Taxpayers with a reasonable excuse for filing late or who have been taken out of SA do not have to pay penalties. Taxpayers who file on time are not issued with penalties.”