When you sell your business, you can expect to pay capital gains tax (CGT) on any gains your make. Currently CGT is payable at 10% (if within your basic rate band for income tax) or 20% on such gains. But…
Wellwood Hoyle Associates Limited
Philip C Hoyle FCCA Chartered Certified Accountant, Bolton Le Sands, Carnforth, Lancashire. Tel 01524 824240
Category: CGT
Winding up the company
Closing your business will normally involve winding-up your company and taking out any residual value as a capital payment subject to capital gains tax (CGT) at 10% or 20%. HMRC will accept this as long as you are not involved…
Planning to sell a home
If you are planning to dispose of your former home act quickly or you could lose some of the capital gains tax (CGT) relief available. A former home which has been let out can qualify for up to £40,000 of…
Tagged with: CGT
Selling a let property
Many landlords are deciding to sell their residential properties. From 6th April 2020, none of the interest and finance charges relating to those properties can be deducted from the rental income. Instead, the landlord receives a tax credit equal to…
Tagged with: Property letting
Winding Up
If you have stopped trading through your own personal limited company and have no further use for it you could sell the shares or wind it up taking out any value as cash. There is a very limited market for…
IR35 Changes
The IR35 rules are designed to discourage avoidance of payroll taxes by organisations who engage workers through personal service companies (PSCs) or other intermediaries rather than taking them on to the payroll. The IR35 rules were altered from 6th April…
Entreprenneur’s Relief
Entrepreneurs’ relief allows you to pay capital gains tax at ten percent on gains made on the disposal of shares issued by your personal company, or assets used by that company. The company must qualify as your personal company for…
Entreprenneurs’ Relief Curtailed
When you sell a business or shares in your personal company, the gain made on that disposal will normally qualify for entrepreneurs’ relief which applies capital gains tax (CGT) at 10%. Up to £10m of gains can qualify for this…
Tax Data 2019/2020
All figures are annual amounts (For English taxpayers) Allowances Personal allowance £12,500 Allowance withdrawn from £100,000 Transferable marriage allowance £1,250 Trading income £1,000 Property income £1,000 Rent-a-room £7,500Tax on earnings Earnings to £37,500 20% £37,501 to £150,000 40% Over £150,000…
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