Search Results for "asset"

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Assets made available to an employee

Assets made available to an employee

Assets for employees like computers can incur tax. No reporting for business-only office equipment. Salary sacrifice assets need reporting. Personal and business assets require a P11D form with Class 1A National Insurance. Complex value calculation based on circumstances.

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Business Asset Disposal Relief

Business Asset Disposal Relief

Business Asset Disposal Relief (BADR) offers a 10% tax charge on business exit. Formerly known as Entrepreneurs’ Relief, it applies to business sales, share disposals, and trading partnerships. Claim up to £1 million lifetime limit.

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What is a wasting asset?

What is a wasting asset?

A wasting asset is an asset which has a predictable life of 50 years or less. HMRC’s guidance is clear that when you dispose of an asset, you are required to estimate its predictable life based on the nature of the asset and your intended use of the

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Inheritance and tax

Inheritance and tax

As a general rule, an individual who inherits property, money or shares is not liable to pay tax on the inheritance. This is because any Inheritance Tax (IHT) due should be paid out of the deceased’s estate before any cash or assets are distributed

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CGT Incorporation Relief

CGT Incorporation Relief

Where a taxpayer owns a business as a sole trader or in partnership, a capital gain will be deemed to arise if the business is converted into a company by reference to the market value of the business assets including goodwill. This could give rise

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Claim full expensing or 50% FYA

Claim full expensing or 50% FYA

Full expensing offers a 100% first-year capital allowance for qualifying plant and machinery assets, reducing taxes for companies subject to Corporation Tax. If ineligible, a 50% first-year allowance may apply. The Annual Investment Allowance also provides a 100% tax deduction.

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CGT Rollover Relief

CGT Rollover Relief

Business Asset Rollover Relief also known as CGT Rollover Relief allows for deferral of Capital Gains Tax (CGT) on gains made when taxpayers sell or dispose of certain assets and use all or part of the proceeds to buy new business assets. The relief

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