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2007 Self-Assessment Tax Returns

Dated: Tuesday, Feb 6th, 2007

Yet again we were pleased to be able to file all Self-Assessment Tax Returns by the due date, thus ensuring that none of our clients received a late filing penalty.

So we would like to say a big THANK YOU to everyone of you for helping us to achieve this.

Many of you would have had a payment of tax due on 31 January 2008 and hopefully this was made in time. If you have yet to make payment, please remember that if the tax is still outstanding at 28 February, a 5% surcharge will be levied.

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Capital Gains Tax - the new relief

Dated: Wednesday, Sep 14th, 2005

Ever since the Pre-Budget report in October, concern has been raised over the changes to Capital Gains Tax. The Chancellor has now announced a new \'Entrepreneurs Relief\' which will reduce the rate of Capital Gains Tax to 10% if certain qualifications are met.

Broadly, to qualify for this relief, you must be disposing of your business, interest in a partnership, or shares in a trading company. However, for shares to qualify, you must own at least 5% of the ordinary shares, giving at least 5% of the voting rights, and be an officer or employee of the company. Therefore, the qualification for shares is more restrictive than under the Business Asset Taper Relief system.

Additionally, there is a lifetime limit of £1 million of gains, after which, the 18% will apply.

If you would like further information on this, please contact us.

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