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We would like to remind all clients and advisers that the tax year ends on the 5th April 2024.   The current ISA allowance for 2023/24 is £20,000 and £9,000 for a Junior ISA.   Please be aware that the Capital Gains Tax Free Allowance is currently £6,000 and £3,000 for trusts. These allowances will be cut to £3,000 and £1,500 for the 2024/25 tax year and so it crucial that everyone makes the most of their ISA allowances.   https://lnkd.in/eZp_TcVP   Capital at risk. #isa #taxyear #taxyearend #isaallowance #pillingandco #manchester #isa2024 #taxplanning #capitalgains #capitalgainstax

📉 Important Tax Update for UK Property Owners! 🏠💷 Starting April 2024, the Capital Gains Tax (CGT) allowance will be significantly reduced to just £3,000. This change affects all property sales, meaning you could pay more tax on your profits. Plan ahead and understand how this could impact your investments. Swipe to see the infographic for more details! 👉 Stay informed and consider speaking to a tax advisor to strategise for these changes. #UKTax #PropertyInvestment #CapitalGainsTax #RealEstate #TaxChanges2024 #FinanceTips

🏢 Have you spent over £250,000 on building and property in the last 12 months? 🏭 The Capital Allowance Act of 2001 allows you to access tax relief on the purchase of assets that you are unable to post through the profit and loss account when producing your year end accounts. We can make sure that you have maximised your annual tax allowances by claiming capital allowances on allowable expenditure. Folkes Worton LLP Chartered #Accountants #AccountingForTheFuture #ECA #capitalallowances

Are You Getting the Most Out of Your Capital Gains Tax Allowance? In the UK, capital gains tax (CGT) may be triggered by the sale of an asset for a profit. However, did you know that you can lower your tax liability using an allowance? A brief reminder is as follows: Annual Allowance: A tax-free allowance of £3,000 is provided to individuals on capital gains. #capitalgains #Tax #UK #HMRC #SelfAssessment

From April 6, 2026, changes to Business Property Relief (#BPR) will significantly impact trading businesses and their Inheritance Tax (#IHT) liabilities. While the first £1 million of qualifying assets will remain exempt, amounts above this will attract 50% relief, resulting in an effective tax rate of 20%. For example, shares worth £5 million could lead to a #tax bill of £800,000. It’s crucial to review your #estate planning, consider gifting shares, and update your Will to align with the new rules. Want to understand these changes in more detail? Read the full article here https://bit.ly/3Cuy2Z4

There are several types of reliefs from Inheritance Tax (IHT), one of which is IHT Business Relief. This can be a significant tax benefit for those with business interests, potentially offering either 50% or 100% relief from IHT on the value of business assets if certain criteria are met. #IHT #IHTBusinessRelief

There are several types of reliefs from Inheritance Tax (IHT), one of which is IHT Business Relief. This can be a significant tax benefit for those with business interests, potentially offering either 50% or 100% relief from IHT on the value of business assets if certain criteria are met. #IHT #IHTBusinessRelief

Potential Tax Changes That Could Impact Small Businesses in the UK: The UK government has ruled out raising VAT, income tax, and National Insurance but may consider other taxes affecting businesses. Capital gains tax (CGT) is key for small businesses, with rates tied to income and applying to profits from asset sales. Inheritance tax (IHT), at 40% on estates over £325,000, could see changes that affect business succession. Fuel duty, frozen for over a decade, might be reviewed, raising transport costs. Additionally, adjustments to council tax discounts and pension tax relief could impact high-earning business owners by the 2029-30 fiscal year. #uktax #taxsavings #taxadvices #taxupdates #taxpayers #taxation #smallbusinessowners

🏠 Navigating Capital Gains Tax (CGT) on Property Sales in the UK Thinking of selling your property in the UK? Be prepared to understand what is subject to Capital Gains Tax (CGT) and what is exempt! ✅ Selling your main home ( lived in it as your main home)? Great news! CGT is exempt. ❌ Renting out or have a second home? Prepare for CGT tax when you sell Understanding CGT can help you plan and manage your property investments better. Stay informed, and consult a tax advisor for tailored advice! #PropertyUK #CapitalGainsTax #InvestmentTips #TaxationUK

Are You a Real Estate Professional? Being a #realestateprofessional can provide significant tax benefits. Taxpayers who qualify may be able to prevent the application of the passive activity loss (“PAL”) limitation rules while the rental income may be exempt from the 3.8% net investment income tax (“NIIT”). However, the requirements to qualify as a real estate professional are stringent. https://buff.ly/40pKdAk #realestateexpert #TaxBenefits #rentalincome