If you run a small business, such as a sole trader business or a partnership, then you know the importance of making sure that your tax bills are as low as possible. It’s essential to know about every piece of tax relief that your business is entitled to in order to retain more of your profits at the end of the year. Thankfully, there are ways in which you can save on your Capital Gains Tax. Entrepreneurs relief allows some businesses to claim relief on Capital Gains Tax, on qualifying gains (up to a pre-determined lifetime limit) on the disposal of the following assets:
– All or part of a business
– The assets of a business after it has ceased
– Shares in a company
This relief has applied since 2008. The lifetime limit on entrepreneurs tax relief has recently been doubled to 10 million pounds, which should be great news to entrepreneurs who have started other business in the past. This relief is available to all sole traders and partnerships, and also to people who hold shares in their own personal trading company. Please feel free to contact us for more advice, and we will arrange a free one hour, no obligation consultation to find out if your business could qualify for additional tax relief which you aren’t currently claiming.
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