Tag: capital gains tax
Before we give the lowdown on the Chancellor’s autumn statement, it’s worth mentioning that pithy overviews of pre-Budget announcements such as this are easier to do when there are some upbeat headlines as well as the inevitable sharp intakes of breath and economic tightening of belts, says Paul Webb, tax partner at Surrey accountant RJP. Not so here. In his speech, Osborne said he would do ‘whatever it takes’ to protect Britain from the ‘debt storm’ in Europe. (more…)
November 30, 2011
Installment 2 of our focus on entrepreneurs’ relief. In essence, the entrepreneurs’ relief rules can appear deceptively simple; it can be dangerous to assume that all business assets qualify for the relief and this should be regularly checked. In addition, there are ways in which the relief can be maximised with forward planning. With the recent increase in the top rate of capital gains tax to 28%, it is a valuable relief and worth arranging your business affairs to ensure it is maximised.
Continue June 13, 2011
Now it has been confirmed the 50% tax rate will be lifted in the not too distant future, how might it be possible to avoid paying it al together? Taxtalk explores some relevant tax planning opportunities.
Continue April 10, 2011
With Christmas almost upon us, you may be looking for some alternative gift ideas. Here at RJP, the Surrey based tax specialists, we’ve put together a Christmas wish list which see you through well into January and tax return time!
Continue December 9, 2010
1 in 3 Surrey taxpayers could receive “tax error” letters
RJP’s tips for dealing with notifications of incorrect tax paid: Any challenges to tax underpayment will be carefully scrutinised; Reimbursements for tax overpayments are payable as lump sum
Beware of phishing scams; HMRC never use email to notify or refund taxpayers.
Continue September 8, 2010
One of the most significant changes announced in the Budget was the increase in the rate of capital gains tax and the extension of entrepreneurs’ relief. But the extension isn’t as generous as might first appear and will affect small and medium sized business owners if they aren’t aware of the tax planning opportunities available.
Continue August 11, 2010
Yesterday’s Budget was the first decent budget for entrepreneurs and business owners for some time and it’s exactly what the country needs to help rebuild economic activity.
Continue June 23, 2010
The weekend papers were full of news about the planned increases to capital gains tax (CGT) announced by the new government. Some commentators have argued that this change has been on the cards for some time, although during the Election campaigning it was only the Lib Dems that formally announced their intentions. Subsequently incorporated into the coalition’s policies, we can expect CGT rates for top earners to more than double for non business assets and the exemption threshold to be cut from £10,100 to between £1,000 and £2,000.
These changes will be painful, especially since for the past 2 years, the flat rate of 18% has been extremely generous. But given the poor state of the Treasury’s coffers, the disparity between income and capital tax rates cannot be sustainable.
Continue May 27, 2010
Last week, the new Conservative LibDem coalition government was announced amid a flurry of guarded excitement and scepticism. The coalition has been quick to stamp out suggestions that their political differences will be too marked to produce effective financial policy and so far, the speed with which agreements have been reached is impressive and very positive in terms of their quality.
Continue May 19, 2010
Too many people succumb to the top 3 classic tax pitfalls by failing to link their wills with tax planning. And this results in payment of inheritance tax at 40% when it could be entirely avoided.
Continue July 20, 2009
