a Tax Accountants Experience and expertise is highly valued in tax planning and hmrc investigations5/22/2023
Tax Affinity Accountants are rated as experts in Tax and Accounting Industry and because of our experience and expertise with Tax we can help clients to both legally minimise their tax and make the best plans for the future. We never recommend breaking any rules but instead using our expertise know that there is more than enough scope with the framework to legally reduce taxes and still have the peace of mind. And because we stay abreast with the latest changes and developments we are are always at the forefront of advising clients when things change. And you know your in safe hand because Tax Affinity are experts in tax law with a good working relationship with HMRC. There to there to help and support clients if they are involved in a HMRC tax or VAT investigation or have a Worldwide Disclosure / Let Property Campaign letter etc to respond to. We are always able to successfully support and guide clients to the best possible outcome. Just ask one of our many happy clients who sing our praises. Below is a list of just some of the things we can help with. If what your looking for is not listed we most likely are still able to do it but just didnt want to make the list too long. Give us a call and have a chat with one of our tax experts or come into one of our high street branches - we will be happy to help. - Inheritance tax planning for landlords with estates between £1million - £250million - Capital gains tax planning - Transferring properties into a limited company - Incorporation - Offshore tax planning - HMRC Tax and VAT Investigations - Code of Practice 8 and 9 investigations - Alternate Dispute Resolution - Tax Tribunals - Forensic Accounting - Worldwide Disclosure Facility - Let Property Campaign - HMRC Check of Self Assessment / Tax - Contractual Disclosure Facility (CDF) - Code of Practice 8 / 9 / 11 / 14 - Section 144 Enquiry - Section 12A TMA 1970 Notice Investigations - Code of Practice 11 (Local Compliance Offices) - Code of Practice 14 Investigation (Company Tax Return Investigations) By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts Business, Tax and Accountancy. With branches in Worcester Park and Kingston upon Thames and Epsom and Ewell they are considered in the Industry to be expert business accountants and tax advisors for both individuals and small & medium sized businesses (SME's). Helping and supporting both individuals and limited company owners / self employed people throughout the UK and the world, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends. Simply put Capital Gains Tax is a tax by HMRC on the profit you make when you 'dispose' of something of physical presence and value (an asset) eg a rental property, stocks and shares or a piece of art.
Eg you sell a piece of buy-to-let property for £300,000. Which you bought it for £200,000. Equals a capital gain of £100,000. A lot of people think it is only applicable in the case of a sale but according to HMRC it is applicable in other actions such as giving it away as a gift, transferring it to someone else, swapping for something else and getting compensation eg Insurance payment if it is damaged or stolen. Certain types of assets are eligible for capital gains tax while others are not. Your primary residence ie your home is not eligible for capital gains while a second property is. Some of the things on which you may need to pay Capital Gains Tax on are as follows:
But please note that depending on actual type of asset, you may be able to reduce any capital gains tax due by claiming a relief's that are available. There are many different types of reliefs and it usually best to visit a reputable accountant like Tax Affinity Accountants to make sure you take advantage of all the reliefs available to you. To help you HMRC has given everyone a tax free allowance after which capital gains tax will apply. Currently this is £11,100 for a Person and £5550 for a Trust for the 2015-16 Tax Year. Eg If your personal gain is £12,000 then deducting your personal allowance of £11,100 from the gain leaves you £900 on which capital gains tax can be charged. If you have any overseas assets then you may still have to pay Capital Gains Tax. There are however special rules if you are a British citizen or UK resident and are not domiciled in the UK whereby you can claim the ‘remittance basis’. If you living abroad then unfortunately you still have to pay tax on any gain you make on a residential property that is in the UK. This is even if you are declared as non-resident to HMRC. But the good news is that you do not have to pay Capital Gains Tax on any other UK assets, eg stocks and shares in UK companies, piece of art and business assets etc unless you return within 5 tax years of the gain. As capital gains tax rates can be either 18% or 28% of the gain depending on your personal income, it is a really good advice to speak to a qualified accountant as a good accountant should save you much more money than he/she would ever charge. At Tax Affinity Accountants we are one of the most recommended experts in Capital Gains Tax, due to our detailed knowledge of tax reliefs available and of the HMRC tax system. By Anni Khan at Tax Affinity Accountants. Tax Affinity Accountants are experts in Tax and Accountancy. Based in Kingston upon Thames they provide a bespoke service to client’s right across the UK and are considered in the industry to be experts in capital gains tax advice. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends. How do you save money on Capital Gains Tax? For an Accountant this is a question which is asked regularly. But as you can always find a way to save money. Below I give you a basic insight into how CGT (Capital Gains Tax) works, some tips, exceptions and how to avoid it completely:
How does it work? CGT is run through the tax year (6th April one year to 5th of April the following year). It is worked out on the total of your taxable profit from any capital assets that you hold. For instance, property, bonds and shares on the stock exchange. Furthermore, it is when the amount exceeds the purchase price of a property, bond and shares/stock. The amount that is exempt (tax free) annually is £10,900 for 2013 to 2014 (which increases to £11,000 for 2014 to 2015). At present there are two different types of CGT. The basic rate taxpayers pay is 18%, although the higher rate tax payers pay is 28% and if the capital gains goes over your threshold you will pay the higher tax. Tips to save money Below are some tips to keep the CGT Low as possible:
Exceptions Any profit made on selling your home is tax exempt, unless you did one of the options below:
You can also get away with not paying tax if you make a profit on selling a car, ISA’s, Peps, UK government gifts, savings certificate, premium bonds, personal belongings that are worth £6,000 or less when you come around to selling them. Furthermore there is a 10% tax rate with the entrepreneur’s allowance, which is aimed to help people that are selling their businesses they have built up. It has a lifetime limit of £5m. Avoid it completely If you want to avoid paying the higher threshold of 28% there are some suggestions below:
You can defer your CGT by reinvesting it into the Enterprise Investment Scheme (EIS). You would have a limit of £200,000. Furthermore, any profit made will be exempt if you meet the qualifying standards. Finally, while tax avoidance is legal, tax evasion is illegal. So do not be tempted to sell assets without declaring any profit to HMRC. Defrauding the tax man can land you with a large fine or even a prison sentence. But the advice and support of an experienced tax accountant and some sound forward tax planning can save you thousands of pounds. By Tahir Malik at Tax Affinity Accountants Tax Affinity Accountants are experts in Tax and Accountancy. Based in Kingston upon Thames they are considered in the Finance Industry to be the experts in all types of Tax including Capital Gains Tax. Helping and supporting businesses and individuals throughout the UK, they regularly help people with their CGT tax issues. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends. |
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