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Capital Gains Tax (“CGT”) was introduced by Harold Wilson’s Labour Government in 1965. Its purpose was simple: To tax the profit or “gain” made on the sale or “disposal” of an asset by individuals. Companies do not pay CGT but instead any gain is taxable as part of their Corporation Tax bill. The original reason […]

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The Enterprise Investment Scheme offers generous income tax and capital gains tax reliefs to investors in certain companies. These reliefs are available to “qualifying individuals” who subscribe for “eligible shares” in “qualifying companies” undertaking “a qualifying business activity”. Simple, isn’t it? The purpose behind the scheme is to encourage investment in start up companies and […]

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Any business can claim tax allowances, called capital allowances, on certain purchases or investments. This results in a reduction in the business tax bill – which can’t be bad. In general capital allowances are available on plant and machinery, buildings – including converting space above commercial premises to flats for renting – and research and […]

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For many years UK taxpayers benefitted greatly by transferring (settling) their assets in offshore trusts, but increasing ant-avoidance legislation has led people to believe that there is no point in using an offshore trust any more. Whilst it is true that the tax advantages are no longer as good and they once were the fact […]

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Deciding on whether it would be beneficial for a property investor to use a Limited Company can be quite complicated. A lot will depend on your personal circumstances but also on what type of property business you are engaged in. For example if you buy property to renovate and then sell on at a profit […]

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An Individual Savings Account (ISA) allows any UK taxpayer aged 18 or over to save up to £7,200 each year (for 16-17 year olds this is £3,600 cash) and not pay tax on the income they receive from the investment. They are now a permanent feature of the UK savings landscape. Tax Advantages of ISAs All income […]

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Here are some simple ways to save tax: Keep accurate accounting records, remember to note down all business expenses; File your tax return before the 31 January and avoid unnecessary fines; Pay your tax on time so avoiding having to pay interest as well as a 5% surcharge; If you are married consider organising your […]

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Taking out a pension does not guarantee you a comfortable retirement. You have to pay enough into it to make it worth while. How much you need to pay in will depend on what type of pension scheme you are a member of and also whether you are self-employed or not. You can pay as […]

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