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HMRC have revealed that every year lots of simple errors are made in tax returns in relation to capital gains tax which result in the taxpayer suffering additional tax, interest and penalties. Here are some common capital gains tax errors, and how to avoid them. Using the correct annual exempt amount When calculating how much
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Landlords letting residential property are not entitled to a deduction for the cost of the domestic items that they provide in the property. They are not able to claim capital allowances for the cost of those items either. However, relief is available when they replace the items, allowing the landlord to deduct the cost of
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Partnerships exist in either ordinary format or as limited liability partnerships (LLP). An ordinary partnership is legally defined by the Partnership Act 1890 and is commonly chosen to set up a business to be owned by two or more sole traders. The partners share all the risks, costs and responsibilities, as well as the profits.
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Furnished holiday lettings (FHLs) enjoy tax advantages not available to landlords letting residential property on long-term lets. The advantages are particularly beneficial when it comes to capital gains tax as landlords disposing of an FHL are able to benefit from a range of reliefs, including business asset rollover relief, business asset disposal relief and gift-holdover
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When an unincorporated business stops trading, accounts are prepared to the date of cessation. Where a limited company ceases trading, it is either registered as dormant or its directors can apply for the company to be struck off or go into liquidation, if the company is unlikely to be required again in the future. HMRC
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A taxable benefit arises where an employee has the private use of a company car. Unless the car is an electric car, a further benefit arises if the employer meets the cost of fuel for private travel. Car benefit charge The amount that is charged to tax depends predominantly on the list price of the
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