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How to reduce your Capital Gains Tax bill?

How to reduce your Capital Gains Tax bill?

It is quite common to assume that Capital Gains Tax (CGT) only affects professional investors or large corporations but that isn’t really the case.
CGT will normally be applied to gains made from the disposal of your personal assets. Whether it is a property you’ve recently sold or a profit made from your crypto assets, these gains could be liable to Capital Gains Tax.
In this guide, we’ll explain how Capital Gains Tax works and how you could potentially reduce your next tax bill.

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Featured reads

2020/21 Tax Year – What’s Changed?

2020/21 Tax Year – What’s Changed?

A new tax year began on April 6th. It will introduce more than a few dramatic changes you should be aware of as a business owner. To help you get ready for the 2020/21 tax year, we have prepared a round-up of these key changes.

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What you need to know about Corporation Tax

What you need to know about Corporation Tax

When you set up and run a limited company using our online bookkeeping service, it’s important to understand how Corporation Tax works. Corporation Tax is based on the profits your company makes; so you must ensure you set aside enough of your company’s income to pay the tax by or before the deadline. Late or inaccurate payment could mean you face fines and penalties from HMRC.

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Flat Rate VAT changes explained

Flat Rate VAT changes explained

Flat Rate VAT Update - July 2020 As part of the measures to support businesses during the Coronavirus pandemic, the government has announced six months cut in Flat Rate VAT for the hospitality industry. This includes hotels catering businesses, restaurants, takeaways...

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Making Tax Digital for VAT – Are you ready?

Making Tax Digital for VAT – Are you ready?

Making Tax Digital (MTD) for VAT is the Government’s first phase in what they believe is making tax administration more effective, efficient and easier for taxpayers. The Government has said that one of the main reasons behind the MTD scheme is to help businesses “get their tax right”.

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13 Tax-Saving Tips for Limited Company Owners

13 Tax-Saving Tips for Limited Company Owners

A limited company structure is usually the best way to legitimately and compliantly minimise your tax bill. This is because you can take remuneration through an efficient mix of salary and dividends and claim a wide range of legitimate business expenses.

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What’s happening with the flat rate VAT scheme?

What’s happening with the flat rate VAT scheme?

How is flat rate VAT calculated? Traditionally, contractors have always benefited from registering on the flat rate scheme. This is because VAT would be collected on a sales invoice at 20%, but a lower percentage paid to HMRC.  It resulted in most contractors...

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Scottish Income Tax Overview

Scottish Income Tax Overview

Commencing from 6th April 2017, Scottish tax residents now have a different tax band.  The amount when the higher rate tax kicks in have been reduced to £43,000 for Scottish taxpayers, compared to £45,000 for the rest of the UK. Here’s the full story.

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