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

Tax when you sell a business property

10/06/2021 – There are various methods at your disposal to reduce or delay the amount of Capital Gains Tax (CGT) when you sell a … More...

Private residence relief

10/06/2021 – There is usually no Capital Gains Tax (CGT) to be paid when you sell your main family residence (referred to by HMRC as … More...

Changing a company accounting date

10/06/2021 – There are special rules which limit the ability to change your company’s year end date. A company’s year end date is … More...


Tax when you sell a business property
10/06/2021

There are various methods at your disposal to reduce or delay the amount of Capital Gains Tax (CGT) when you sell a property that has been used for business purposes.

For example, Business Asset Rollover Relief allows for deferral of CGT on gains made when taxpayers sell or dispose of certain assets (including property) and uses all or part of the proceeds to buy new business assets. The relief means that the tax due on the gain of the property that has been sold is postponed. The amount of the gain is effectively rolled over into the cost of the new asset and any CGT liability is deferred until the new asset is sold. There are qualifying conditions that must be met to ensure entitlement to any relief.

If the main purpose of the business concerns buying and selling property, for example a property development or property trading business, then the business is not liable to CGT when a property is sold.  Instead, properties sold under the name of a Limited company will be liable to Corporation Tax and properties sold under the name of a sole trader or partner will be liable to Income Tax. 

There are also special rules for limited companies that dispose of UK residential dwellings valued at over £500,000 and which are held in a ‘corporate envelope’ (e.g., a company). Qualifying gains made after 6 April 2019 are liable to Corporation Tax.


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

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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.

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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

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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.

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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.

w3w:///puppy.ridge.priced

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