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Using the capital gains tax land and buildings toolkit HMRC produce a number of toolkits which highlight common errors found in self-assessment tax returns. As the name suggests, the capital gains tax land and buildings toolkit highlights key errors commonly found by HMRC in relation to capital gains tax on land and buildings. The latest […]

Post-cessation receipts and expenses – tax treatment Sometimes a business may have ceased trading but then receives income or incurs expenses that have not been included in the final cessation accounts e.g. an insurance payment may be received or a debt that the business owner thought would never be paid is paid. Such receipts would

‘Roll over ‘ relief – what happens if an asset not brought into business immediately There is usually a capital gains tax (CGT) charge when a chargeable asset is sold at a gain (subject to the individual personal allowance for an individual). However deferment of the gain may be possible should ‘rollover relief’ be available.