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Current rates for Capital Gains Tax (CGT)

Current rates for Capital Gains Tax (CGT)

by | Sep 26, 2024 | Capital Gains Tax

CGT is generally charged at a flat rate of 20% on most chargeable gains for individuals. However, if taxpayers are within the basic rate tax bracket and make a small capital gain, they may be eligible for a reduced CGT rate of 10%. Once their total taxable income and...
Gifts and Inheritance Tax

Gifts and Inheritance Tax

by | Sep 26, 2024 | Inheritance Tax

Most gifts made during a person’s lifetime are not subject to tax at the time of transfer. These gifts, known as "potentially exempt transfers" (PETs), can become fully exempt if the donor survives for more than seven years after making the gift. If...
Business cashflow

Business cashflow

by | Sep 23, 2024 | Business Support

The government offers the following information regarding business cashflow. If you do not have enough money coming in to pay for goods, services and taxes your company has, you are at risk of insolvency. Why is cashflow important? ‘Cashflow’ is the term...
What is fuel duty?

What is fuel duty?

by | Sep 23, 2024 | General

The Office for Budget Responsibility (OBR) has offered the following explanation: “Fuel duties are levied on purchases of petrol, diesel and a variety of other fuels. They represent a significant source of revenue for government. In 2023-24, we expect fuel...
Is there a partnership in place?

Is there a partnership in place?

by | Sep 19, 2024 | Corporate Governance & Regulation

A partnership is a reasonably straightforward way for two or more legal persons to establish and operate a business with the intent to make a profit. Partnerships can take various forms, and legal entities other than individuals can also be partners. There are two...