CAPITAL GAINS TAX ACCOUNTANTS IN LONDON
Buying and selling in London is an extra challenge. Prices for property and other assets can be higher than in the rest of the country. Capital Gains Tax accountants specialise in disposals and purchases to ensure you only pay on the assets that attract this tax. AccountingPrenuer has experienced and knowledgeable accountants in London who understand all areas of Capital Gains Tax (CGT) covering the disposal of assets for both businesses and individuals.
60-Day Reporting on Capital Gains Tax
HMRC now require taxpayers that make a gain to file and pay their CGT within 60 days. Our CGT advisors will calculate the tax liability and identify any potential tax savings; this could reduce your CGT tax bill to nothing. Using our accountancy services means you can be advised when and how to report.
Self Assessment adjustment
When you file a self-assessment tax return, it may require an adjustment for any under or over-payments of CGT. You will need, for instance, to keep a record of your CGT. Again our self-assessment tax return service can assist with this.
Assets that attract Capital Gains Tax
There are many assets that you will need to pay capital gains tax on. When reporting your asset disposals, you calculate the profits, and you only have to pay CGT on your overall gains above your tax-free allowance (called the Annual Exempt Amount). Working out your final tax bill can be frustrating without the assistance of expert help from a CGT accountant. Disposals covered by CGT include personal possessions: property, business assets, and shares, though each asset has specific rules.
Personal Possessions
Most personal possessions that are valued above the currently defined value ( £6000 ) will mean you have to pay CGT. This does not include, for example, your car. Jewellery and paintings are among the high-value ticket items that often change hands, and CGT may be applicable even if you have given away these items. There are some ways to reduce the CGT, for example, if you have spent money improving the item. Although if you have used the item for business and have claimed on it through your business, the rules are different again.
You don’t have to pay Capital Gains Tax on personal possessions with a shorter lifespan of fewer than 50 years. This covers all machinery and includes things like antique clocks or watches. If you are disposing of a collection and each part of the collection is valued under the currently defined value, then CGT is not applicable. These are a few examples of how complex CGT is and how we can help you make savings on your tax bill.
Property and Capital Gains Tax
It is common for property assets in London to far exceed the tax-free threshold. Which can make CGT very expensive, particularly in combination with your income tax liability. Many landlords and investors are paying far too much tax. Particularly when selling their property assets, as they don’t always have the proper knowledge of any allowances or relief. This is why it is essential to have a qualified CGT accountant. They will ensure that you are claiming all eligible reliefs to bring down your CGT liabilities wherever possible. Tax costs for renovations and repair can also be looked into by our Property accountants.
Business Assets
Business assets are one area that needs particular attention. For this, you need to have an accountant with the proper knowledge because you can end up reducing your profit margin. Businesses buy and sell assets all the time. Business assets you may need to pay tax on include land and buildings, fixtures and fittings, plant and machinery, shares, registered trademarks and your business’s reputation. Business owners are not always aware that CGT applies to these assets. Therefore they need careful advice to avoid fines from HMRC.
Shares and Bitcoin
Many investors buy and sell shares as a way to increase assets. Each time you trade your shares, you can find yourself liable for CGT. Those trading in Bitcoin should know this digital currency has now been added to the list of assets attracting this tax. Bitcoin is particularly difficult to value as the exchange rate can differ each day.
Exemptions from Capital Gains Tax
There are many instances where CGT is not applicable. One example is that you do not have to pay Capital Gains Tax on assets you give away to charity. Although if you sell the item to a charity, this will mean that you do have to pay. The rules are complex, although, with proper guidance, you can have your CGT bill reduced to the minimum and, in many cases, pay nothing.
Our Capital Gains Tax Accountants
At AccountingPreneur, we also provide VAT, bookkeeping and payroll services. These services are all available in London. AccountingPreneur is run by entrepreneurial accountants. These accountants are also business owners themselves, meaning they understand the day-to-day challenges faced by business owners. And what kind of help they need, specifically tax. The CGT team have experience from the top firms and SME sectors. Their aim is to provide innovative, cutting edge and tailored solutions to clients. Our dedicated CGT accountants will work closely with you. They ensure you manage the disposal of your private and commercial assets to mitigate tax liabilities.
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What We Provide
A Designated Person
We will ensure that you have one person that is your designated team contact to ensure continuance. This person will be the one who runs your payroll so any queries will be handled quickly and with ease.
You will be given access to the payroll team and your contact via a direct phone line and email. All queries will be answered within a 24 hour period.
Salary Sacrifice
We can advise you on salary sacrifice options such as the provision of a company car for employees and any employment benefits such as bonuses.
HMRC
If an employee has an incorrect tax code, or a non-beneficial tax code, our team of experts will lease with HMRC on your behalf to sort this out.
We make sure that your systems are up to date with any changes in HMRC legislation and changes to PAYE schemes. Keeping on top of the constantly changing rules is vital to having a smooth running payroll system and avoiding any penalties for not doing so.
Safety and Security
Our state of the art payroll system ensures minimal room for errors. We also check the results to ensure a problem free payroll run every time.
All data is securely encrypted and stored for you to access at any time you need, for a minimum of seven years, as required by law.
Data security is our top priority and our portal is highly secure. We also use encrypted emails and have a secure online payroll dashboard for employees
Reporting to HMRC
Our payroll software will send a Full Payment Submission (FPS) to let HMRC know about all payments to your employees including any deductions that you have made.
We make sure that the FPS is sent on or before your employees’ payday as per HMRC guidelines even if you pay quarterly rather than monthly.
HMRC require a consistent reporting of pay. For example, even if payday falls on a Bank Holiday and employees are paid early, they still want the entry on the regular payday. We make sure of this consistency.
Payments
We are approved to pay salaries via BACS and can also make any pension payments, HMRC and 3rd party payments on your behalf.
Most importantly, we ensure your employees are paid the correct amount every time and on time.
We understand that payroll is something that you just want to run smoothly without having to worry about it.
Your staff want to be paid the right amount, on time, every time. We know that you want to ensure this happens.
At AccountingPreneur, our systems ensure that this is exactly what happens. Contact us today to find out how we can help you with your Payroll.
Auto Enrolment Systems
We can advise on and set up auto enrolment pension or personal pensions such as SIPPs. This will ensure the smooth running of any pension plans taking the pressure off you and making sure you are compliant with all legislative requirements.
Personal tax planning
Capital gains tax
Self assesment
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