Capital Gains Tax (CGT) applies when chargeable assets are disposed of and applies to individuals and trustees but not to limited companies. However, Limited Companies do pay Corporation Tax on the gains that they make. Chargeable assets include all forms of a property unless it is specifically exempt. The main assets it tends to apply […]
Capital Gains Tax (CGT) An Ultimate Guide Read More »
The sale of an individual’s home is normally exempt from CGT, with neither a taxable gain nor loss arising. This is certainly the case where it has been the individual’s only or primary residence throughout the period that is owned. If owned before 31 March 1982, then the period since then. However, there are times
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The VAT flat rate scheme simplifies and speeds up VAT return completion for small businesses. Instead of calculating the VAT payable to HMRC as the difference between VAT on individual sales and purchases, businesses use a specific percentage of their gross turnover. This eliminates the need to record VAT incurred on most purchases and determine
Exploring VAT Flat Rate Scheme: A Complete Overview Read More »
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