Best Tax Preparation Services in Southampton

New post: Can you avoid capital gains tax on business property? When you sell any business asset such as property, shares or even a work of art, you will be may need to pay capital gains tax on the profit you make if you are a sole trader or the business is a partnership. There are, however, some exemptions and business structures that should help reduce your liability. _INDIVIDUALS, INCLUDING SOLE TRADERS AND THOSE IN BUSINESS PARTNERSHIPS, HAVE AN ANNUAL CAPITAL GAINS TAX ALLOWANCE OF £12,300 IN THE 2022/2023 TAX YEAR. THIS MEANS THAT GAINS MADE ON THE SALE OF ASSETS UP TO £12,300 ARE NOT SUBJECT TO CAPITAL GAINS TAX._ _THE KEY TO MINIMISING YOUR LIABILITY FOR PAYING CAPITAL GAINS TAX IS TO MAKE A CLEAR VALUATION OF THE PROPERTY OR ASSET AND ACCURATELY WORK OUT THE GAIN YOU HAVE MADE SINCE PURCHASING IT. YOU CAN ALSO OFFSET THINGS LIKE THE COST OF VALUATIONS AND ADVERTISING FOR SELLING THE BUSINESS ASSET._ _BUSINESS ASSET DISPOSAL RELIEF MEANS THAT YOU PAY CAPITAL GAINS TAX AT 10% ON GAINS MADE ON THE SALE OF CERTAIN ASSETS, SUCH AS PLANT AND MACHINERY. IT CAN BE APPLIED IF YOU ARE SELLING A PROPERTY AS PART OF THE SALE OF YOUR BUSINESS. THE RELIEF IS AVAILABLE TO BUSINESSES THAT HAVE OWNED AND USED THE ASSETS FOR AT LEAST TWO YEARS._ _HOLDING PERIOD RELIEF REDUCES THE AMOUNT OF TAX THAT IS PAYABLE ON GAINS MADE ON THE SALE OF ASSETS THAT HAVE BEEN HELD FOR MORE THAN THREE YEARS. THIS MEANS THAT YOU REDUCE CTG FROM 20% TO 10%._ Here we take a look at capital gai...