Capital Gains Tax Business
Looking for advice on capital gains tax on your business investments or sale of business assets? Call our specialist team of tax accountants for advice.
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Capital Gains Tax is paid when a company makes a profit or sells part of, or all of, a business asset. There are several assets on which a company must pay Capital Gains Tax. These include buildings and land, fittings and fixtures, machinery and plant, Shares and Stocks, the business’s reputation – Goodwill, registered trademarks. Businesses are required to work out their gain to determine whether they are required to pay Capital Gains Tax. Sole traders and people in a business partner who are self-employed must pay Capital Gains Tax. In contrast, some other organisations, such as limited companies, pay Corporation Tax instead of profits from the sale of their assets. No Capital Gains Tax is paid on any gift to a spouse, civil partner or charity. With expert guidance from our skilled tax accountant, you can be sure that your company stays within the law when it comes to reporting and paying tax on your gain.
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Capital gains tax is paid on the gains made when an asset is sold. Self Employed Individuals and Partnerships will pay Capital Gains Tax, but limited companies will pay corporation tax on profits from selling their assets.
You have to pay Capital Gains Tax when you are selling a business. Certain reliefs like Entrepreneurs’ relief can allow you to pay a lower rate of CGT.
Limited Company will pay corporation tax on the sale of any investments. If it is SPV for property business, there is no CGT due when the property is sold; instead, corporation tax is charged at the prevailing rate.
Capital Gains Tax on business sale is a complex calculation. There are specific reliefs and factors which must be considered and accounted for. If you need help with the sale of business and CGT calculation, call our office for a quick quote.
It is always helpful to plan for any tax payment and keep up with the HMRC guidelines. There are penalties for non-compliance and possible compliance checks by taxman if tax is not paid in time. We always advise clients to plan a year ahead if they expect to make gains when selling business or business assets.
No tax accountant is not more expensive then a normal accountant. We have specialist knowledge and experience to minimise your tax bills.
It is always dependent on the nature of the transaction and the quantum of work involved. If you need help to calculate CGT on the sale of your business, you can call our team for a no-obligation quote.
You must pay Capital Gains Tax due on the sale of your business or business assets within 30 days of sale. Limited Companies will pay corporation tax on their due date on selling any business assets.