Outsourcing our bookkeeping and accounting was a good decision, but even better was outsourcing it to EJBC. They have been efficient, cost effective and flexible from day one, and we are very happy with the service that we receive.

Simon Nutbrown

I was introduced to EJBC by recommendation from a friend and have been with them two years now. I have always found them thorough, helpful and easy to deal with. They always respond quickly when I have a question, and the detail and clarity of the paperwork they have produced for me is a refreshing... Read More

Jeremy Porter

Starting a new business can feel a bit daunting but working with EJBC has been pain free from the beginning, enabling us to get on with building our business and delivering the work. In the beginning, as we got to grips with the practicalities of running the business we regularly rang Emma for... Read More

Angela Greenfield

Venues required to record contact details

23/09/2020 – It has become a requirement for premises and venues across England to have a system in place to record contact details … More...

Changes to duty free shopping

23/09/2020 – The government has published the new rules for duty free and tax free shopping that will come into effect from 1 January … More...

Claiming tax relief for work related expenses

23/09/2020 – Employees who need to buy equipment to use as part of their employment may be able to claim tax relief based on the cost … More...


Still time to utilise annual tax-free allowance
11/02/2020

We would like to remind our readers that there is still time to use the annual exemption for Capital Gains Tax (CGT). In the current 2019-20 tax year, this amounts to £12,000. This means that there is no CGT to pay on the first £12,000 of gains where you dispose of chargeable assets, such as property or stocks and shares.

If you are a married couple or civil partnership, you should ensure that each of party utilises their full annual exempt amount wherever possible. Any unused part of the annual exempt amount cannot be carried forward and is forfeited if unused in the current tax year.

CGT is usually charged at a simple flat rate of 20%. If you only pay basic rate tax and make a small capital gain, they may be subject to a reduced rate of CGT of 10%. Once the total of taxable income and gains exceed the higher rate threshold, the excess will be subject to 20% CGT. A higher rate of CGT (8% supplement) applies to gains on the disposal of chargeable residential property.

Planning notes

  1. If you have sold or are planning to sell any assets in the current tax year, it is important to ensure that you take full advantage of the annual CGT exemption and arrange your affairs accordingly. For example, capital losses are deducted from gains before net gains are calculated. Crystallising a loss that will waste the annual exemption should therefore be avoided.
  2. Any CGT due on chargeable gains that relate to the disposal of residential property on or after 6 April 2020 will be due within 30 days of completion. If you are considering selling a property soon, it would be beneficial to do so before the end of the current tax year. In this way you will benefit from an extended time period to pay any CGT due. This is because the payment date for any CGT due on residential property sales made before 6 April 2020 will be 31 January 2021.
  3. If you sell a residential property that has always been your family home - no periods of sub-letting - the new 30 day reporting and payment window will not apply as the gain will be covered by the Private Residence Relief.

Accounts

We specialise in preparing end of year statutory accounts for your business, in line with HM Revenue & Customs legislation:

Sole Traders & Partnerships
Limited Companies
Limited Liability Partnerships
Property Management Companies
Property rental income accounts

Read More

Bookkeeping

We can adivise on the best bookkeeping options for your needs and budget, if you would prefer to do the bookkeeping yourself.

There are a number of excellent options including Sage desktop software and market leading online solutions, such as Kashflow & Xero.

Read More

Payroll

ejbc payroll

We can set-up and run your payroll scheme or advise on:

Setting up a new payroll system
Day to day payroll processing
Dealing with PAYE and NI deductions
Completing your end of year returns
Holiday & Statutory pay
Stakeholder pensions

Read More

Start Ups

Starting a Business is an exciting opportunity but at the same time can be daunting.

Why not let us take some of the stress away. We are on hand from the outset to help you through many of the challenges of getting your business up and running successfully.

Read More

   

  

Search

Contact Us

The Rectory, 1 Toomers Wharf, Canal Walk
Newbury
Berkshire
RG14 1DY
Phone: 01635 46174
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Newsletter

With our newsletter, you automatically receive our latest news by e-mail and get access to the archive including advanced search options!

» Sign up for the newsletter
» Login