Capital Gains Tax

The were no significant changes to Capital Gains Tax announced in the Summer Budget, but below are a reminder of the changes announced in March 2015.

There were two amendments to Entrepreneurs Relief (ER) which came into effect immediately from Budget day in March 2015.  The first was that an individual needs to have disposed of at least a 5% interest in a company or partnership if they are seeking to also claim ER on a sale of assets that are used by the company or partnership (the so-called “associated disposal” rule).

Secondly, a loophole was closed which prevents individuals who have less than a 5% interest in a company seeking to take advantage of the joint venture rules in order to be eligible for ER.

From 1 April 2015, the wasting assets exemption only applies where the asset has been used in the seller’s own business.

The annual Capital Gains Tax exemption was increased from £11,000 to £11,100 for the 2015/16 tax year.

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Nov 19

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Cloud accounting provides us with a real time view of our business accounts at anytime and from anywhere. Sales and purchase invoices are easy to input in a user friendly way, and the bank account link allows us to pull across electronic bank account statements automatically. Reporting in cloud is so easy and at a glance the dashboard shows account balances, invoices owed to you and bills needed to pay, straight away highlighting any action required. You can quickly see the profit and loss account, balance sheet and all other reports, and can drill down into individual transactions. Our main server has also moved to the cloud, which has revolutionised the way we manage our business. As a small business with a couple of employees it allows us to spend more time tending to clients and less time managing accounts and systems, allowing us to work at home or on customer sites without having to go back to the office. The savings and benefits are SO DRAMATIC and INSTANT in terms of time required for data input.  Time spent on all of this is now LESS THAN 2 HOURS PER WEEK, and this would be impossible with our old systems and procedures.  Our profitability has increased too as we can now spend more time working on projects rather then admin.  Mike Potts, Ashwood Design

 
-- Mike Potts - Ashwood Design