Best Accountants in Aylesbury

Capital Gains Tax is a tax on any profits made when you sell or dispose (giving away as a gift, transferring ownership, swapping, getting compensation) of an asset that has increased in value. It is only the gain that you make that is taxed not the amount of money you received for the asset. Some assets are tax free, and you may not have to pay CTG if all the gains in a year are under your tax-free allowance. There are also special rules for gifts or assets that are disposed to your spouse, civil partner, or charity. Capital Gains Tax can be complex so if you need any support, please contact us.

The records you will need include all receipts, bills and invoices that show the date and amount:You paid for an assetYou received for the asset You should also keep copies of:Any additional professional advice or to establish market valueAny contracts relating to the buying and selling of the assetsAny copies of valuations

There are two ways to pay your VAT bill:Direct DebitOnline via the UK website Paying by direct debit is the cheapest way to pay. Any VAT bills that are due will be collected automatically on the 10th of the month following the due date of your VAT return. Paying manually via the gov.uk website with a card typically carries a card processing fee.

To run payroll, there are several details that are required, such as:Employee DetailsEmployee hoursSalaries, wages, and gross/net payAdditional paymentsTax and deductionsEmployee benefits Within each of these areas further detail may be required to ensure the employee and business make the right payments and deductions.

For BAS clients the answer is simple, there is a dedicated section in your Bright Pay portal labelled HMRC this will clearly show any outstanding liabilities. If you run payroll yourself, you will need to calculate what you owe HMRC yourself and then pay HMRC yourself.