These are the three areas of taxation where you need to speak to an expert as soon as possible. Careful planning can avoid the nightmare scenario where significant proportions of your apparent wealth can be signed over to the taxation authorities at the slip of a pen. It is almost always impossible to rewrite history and rearrange matters how you would choose to have them - if only you’d had the benefit of hindsight.
For the tax year ending 5 April 2006, the profit you can make from selling personal assets before coming within the scope of Capital Gains Tax is only £8,500 – something to consider in these eBay days! If you are an eBay frequent flyer you could even be deemed to be trading.
You need to talk to Burrow and Crowe : –
If you, or your company, are considering acquiring, or disposing property (including buy-to-let properties).
If you, or your company, are considering revaluing owned or investment property.
If you are considering acquiring or disposing of personal assets, such as company shares.
If you are considering restructuring the share capital of a family-owned business.
If you are regularly selling good on eBay.
Let us answer the following questions for you : -
How can I use Taper Relief to save 30% Capital Gains Tax (CGT)?
What practical steps can I take to save 40% Inheritance Tax (IHT)?
Do I need to charge VAT when selling my business/ property?
How much is my business really worth?
There is nothing, they say, as certain in life as death and taxation, and there is, as yet, no known way of “taking it with you”. Whatever you eventually intend to do with your personal property, the only safe way to keep the taxman away is to plan effectively and as early as possible. The rise in property prices over recent years has meant that even the most humble of estates can now exceed Inheritance Tax thresholds.
So, seek IHT advice from us today, and with careful planning, you can ensure more of your wealth ends up in the hands of your partner, your heirs, or your favourite charity.
Also, with a Professional Business Valuation from Burrow and Crowe we can show you how you can sell your business at a higher price and gain £££s.
To view our 2008 / 09 tax rates handbook please click here.
For further information on Capital Gain or Inheritance Tax please contact Jon Crossley.
Tel: 0113 259 1666
Or complete this form to contact us directly: -