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When you sell or give away an asset and it has increased in value, you may have to pay tax on the gain. You pay Capital Gains Tax through the Self Assessment system, if you don’t usually complete a tax return you may still need to report gains or losses.
There are many reasons why you may have to pay Capital Gains Tax, for example:
- Sell, give away, dispose of an asset
- Receive money from an asset
Some examples of items where you won’t have to pay Capital Gains Tax on:
- Your car
- Your main home (provided certain conditions are met)
- ISAs or PEPs
- Personal belongings worth £6,000 or less
- Betting winnings
We can give advice and help with all matters relating to Capital Gains Tax, contact us for a free consultation.
Inheritance Tax is payable by different people in different circumstances. Typically, it is paid on an estate when somebody dies, but can also be payable on trusts and gifts made during someone’s lifetime.
Most estates will not pay Inheritance Tax because they are valued at less than the threshold or are covered by additional reliefs. We can help give advice on some of the matters that will help such as:
- Increased threshold for married couples and civil partners
- Who is responsible for paying Inheritance Tax
- Valuing an estate
- Exemptions and reliefs
- Deadlines for paying outstanding tax
If you are responsible for at least one child or young person who normally lives with you, you may qualify for Child Tax Credits. You may also qualify for Working Tax Credits if you are working and earning low pay.
How much tax credits you get depends on things such as:
- How many children live with you
- How many hours you work
- If you pay childcare
- If you or your child has a disability
We can give you general advice or even help complete the initial claim form. Once it is set up we can help keep your credits up to date by checking your annual review form and completing the annual declaration form.
HM Revenue & Customs regularly do checks on anything from VAT to a simple tax return. In a lot of cases there will be a quick and straightforward conclusion to an enquiry, however, there is also the possibility that it will become in depth and time consuming.
We will do everything that is needed to conclude any enquiry to your satisfaction, we can take the hassle away by dealing directly with HM Revenue & Customs on your behalf leaving you to concentrate on running your business.
There are many situations where people are over taxed without them realising, some of the situations could be:
- More than one job
- Incorrect tax code
- If you are a student working part time
- Change in circumstances during the tax year
If you think you may have overpaid tax then please call for a free consultation, if needed we can then proceed to claim back any money that has been overpaid.
