With our expert services and comprehensive knowledge of business CGT and tax reliefs, you can trust our professional team to keep your affairs in order and ensure that you never miss a deadline.
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The entrepreneurs’ relief scheme allows for certain qualifying business gains, received upon the disposal of business assets, to be taxed at a lower Capital Gains Tax (CGT) rate. This is a considerable reduction to 10%, making the entrepreneurs’ relief scheme very beneficial. Many conditions surround the scheme’s asset qualification, meaning not all business assets are eligible to receive the CGT relief. Before disposing of business assets, it can be invaluable to seek a trained CGT accountant who can advise you on where you will be able to obtain the reduced rate of CGT under the entrepreneur’s relief.
Advice For Entrepreneurs Relief
The claiming process for the entrepreneurs’ relief scheme can be very complicated, with a requirement to work out the gains and losses, deduct the tax-free allowance, and then calculate the CGT tax owed. At The Accountancy Solutions, we can help with every stage of the process, from maintaining your CGT records to calculating your CGT requirements and helping you to claim entrepreneurs relief on the qualifying assets.
Our expert accountants provide many services about CGT and the entrepreneurs’ relief, with advice and support available in the following areas:
- Claiming for Entrepreneurs Relief
- Entrepreneurs Relief Eligibility
- Calculation of Qualifying Gains for Entrepreneurs Relief
- Capital Gains Tax Rates Under Entrepreneurs Relief
- Capital Gains Tax Losses and Gains Calculations
- Capital Gains Tax Reliefs
- Capital Gains Tax Returns
- Capital Gains Tax Return Amendments
We care for our clients. Building and maintaining fantastic relationships is what we do best, we will never treat you as a number which is what makes our approach so unique. The highest level of customer service combined with a keenness to listen and work together with our clients means that we leave a stream of happy clients in our wake every single day. Our services come with unlimited help and support provided at no extra cost throughout the year.That help and advice will all come courtesy of your own fully qualified and dedicated small business accountant.
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Are you just looking for an answer to a general question? We always provide free advice to individuals and self employed persons. You can send us an email, call us or fill in the form. But you should be asking answers to general questions.
Frequently Asked Questions
Most frequent questions and answers
No we do not charge any fee for initial consultation. We will try to give you free guidance if its something you can do easily by yourself. We will only charge you if you appoint us to do some work for you.
We are giving free advice on general questions and this is one way of paying back to our local community who cannot get through to tax man. But if your question is of specific nature, we will tell you about our fee.
You can certainly ask question about accounting but you should know that we cannot teach you accounting over the phone or online. If you are not familiar with book keeping or accounting, its best to hire an accountant?
If you are only after advice, we will make a decision after hearing question. It may take further investigation and we may have to look into your personal circumstances to answer your question.
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If a person already has 35 qualifying years or is likely to do so by the time that they reach state pension age, missing a year will not adversely affect their state pension entitlement. However, if they have less than 35 years (and will be able to reach the minimum 10 years needed for a reduced state pension by the time that they reach state pension age) making voluntary contributions can be worthwhile.
While any gain on the sale of a property that has been the taxpayer’s main residence throughout the period of ownership is covered by private residence relief, the flip side is that if the main residence is sold at a loss, the loss is not an allowable loss for capital gains tax purposes.
Taking a loan can be tax efficient, particularly if paid back before the trigger date for the s. 455 charge. It may be an attractive option to get over a difficult period where a return to profitability is anticipated, allowing a dividend to be declared to clear to loan balance.