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Insights

Great tax tips, business insights and opinion
to help grow your business

All Articles

Business Services

Business Tax

Personal tax

Probate and Inheritance Tax

VAT

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All Articles

Business Services

Business Tax

Personal tax

Probate and Inheritance Tax

VAT

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60 Day Deadline for CGT Returns and Tax Payments

If you sell a property and incur capital gains tax on the transaction, you will need to file a tax return and also pay any tax that is due within 60 days of completion, or penalties will arise. Need help with your property taxes? Talk to us.

The Annual Investment Allowance (AIA) allows businesses to offset the cost of eligible plant and machinery purchases to reduce taxable profits. Currently the annual limit is £1 million, but it will be reducing to £200,000 from 1 April 2023.

This change may prove significant for some business owners, especially if their accounting period for claiming the tax relief straddles this changeover date, because it will reduce the amount of AIA they can claim for the year. Businesses with a 5 April year-end should take extra care to avoid being treated as having incurred qualifying expenditure in any of the five days at the beginning of April 2023. (more…)