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Business Taxes and the Budget

Capital allowances The annual investment allowance will temporarily increase from £200,000 to £1 million for the twoyear period from 1 January 2019 to 31 December 2020. This does mean there will once again be complex rules for periods of account spanning those dates, and businesses will need to take care that they do not inadvertently spend too much at the …

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Capital Taxes and the Budget

Capital gains tax (CGT) rates The current rates of CGT are 10%, to the extent that any income tax basic rate band is available, and 20% thereafter. Higher rates of 18% and 28% apply for certain gains; mainly chargeable gains on residential properties with the exception of any element that qualifies for private residence relief. There are two specific types …

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Updated MTD Timeline

New timeline for MTD After a press release from HMRC earlier this week we have put together a new timeline for MTD that has been fully updated with the changes outlined in the press release: October 2018 – Pilot opens for Sole Traders and Companies Except for those which are part of a VAT group or VAT division and provided …

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Making Tax Digital

MAKING TAX DIGITAL updated to include press release from HMRC on 16th October 2018 If you only take one point from this guide please let it be this.. “The faster you get started, the more likely you are to fulfil your MTD obligations seamlessly come April 2019.  Give yourself time to adapt and get the support that you need.  Work …

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Tax Breaks for Start Up Businesses

Tax Breaks for Start Up Businesses Introduction If you are thinking about starting a business then it’s really important that you take some advice as early on as possible and especially before you start to trade as whether you trade through a limited company or as a sole trader can make a big difference as can whether you voluntarily register …

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