You might pay 20% Income Tax, but that doesn’t necessarily mean you’ll pay Capital Gains Tax at 18%. We’ve had two conversations with clients this week which highlighted a very common misunderstanding about Capital Gains Tax (CGT). Both clients were basic rate taxpayers for Income Tax and both assumed that, because they paid Income Tax
Tag Archives: capital gains tax
Tax Planning & Saving Tips, Year-End Preparation Tips
Closing Your Limited Company: Strike-Off or Members’ Voluntary Liquidation?
Thinking about closing your limited company? Perhaps you’re retiring, moving on to something new or simply no longer need your business. One of the biggest questions we get asked is: “How do I close my company and what happens to the money left in the bank?” If your company is solvent, meaning it can pay
Changes to Tax Rates & Thresholds, Corporation Tax, HMRC Updates & Changes, Important News from HMRC, Self-Assessment/ Personal Tax, Tax Planning & Saving Tips, Year-End Preparation Tips
Autumn Budget 2026: What does it mean for you and your business?
The Autumn Budget 2026 has been announced, bringing changes to tax, business expenses, employment costs and household finances. But what do these changes actually mean for you? Whether you’re a sole trader, limited company director, landlord or employee, some of the announcements could affect how much tax you pay and how you plan your finances.
MTD for Income Tax (ITSA), Organising Your Receipts & Invoices, Self-Assessment Tips for Sole Traders, Self-Assessment/ Personal Tax
The Tax Return mistakes that cost people time, stress and money
When it comes to self-assessments, most people fall into one of two groups. The first group starts gathering information months in advance, keeps everything organised and submits their tax return without a hitch. The second group spends January frantically searching through emails, bank statements and paperwork, trying to remember whether they received interest, dividends, pension
Changes to Tax Rates & Thresholds, HMRC Updates & Changes, Self-Assessment/ Personal Tax
Capital Gains Tax: Reporting in 60 Days
The 60-Day Rule: What You Need to Know In 2021, HMRC introduced a significant change for UK residents selling property (not your main home). Now, if you sell a property and make a taxable profit, you must: Report the sale to HMRC within 60 days of the completion date. Pay any CGT due within the