BUSINESS COLUMN: Finding the right way to exit business keighleynews.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from keighleynews.co.uk Daily Mail and Mail on Sunday newspapers.
Capital Gains Tax - National statistics announcement gov.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gov.uk Daily Mail and Mail on Sunday newspapers.
New OTS report on Capital Gains Tax helpful for farmers
26 May 2021 |
The Office of Tax Simplification s (OTS) new report makes 14 detailed recommendations
The latest Office of Tax Simplification report on Capital Gains Tax offers generally helpful and sensible recommendations for farming businesses, accountants say.
The new OTS report has extensive scope, covering situations including moving home, divorce, running and investing in a business, and issues affecting land transactions.
It focuses on Capital Gains Tax (CGT) for individuals and smaller business, rather than partnerships, trusts, estates in administration, non-UK residence/domicile, international issues or corporate groups.
It identifies limited awareness around CGT and confusion around reporting and payment. One key recommendation is that CGT should be included in the digital HMRC Personal Tax Account or Single Customer Account.
One of the first questions I am asked by those people considering the option of forming a limited company is how to exit the company if the need should arise in the future.