Disposing of Personal Belongings

Selling or giving away personal belongings can sometimes have tax consequences and prior to the end of a tax year being aware of these consequences can help you make wise tax choices.

The two taxes to consider when disposing of personal belongings are Capital Gains Tax – a tax on the increase in value of a belonging, and Inheritance Tax – a tax on the overall value of your estate following your death.

Disposing of Personal Belongings – Capital Gains Tax (CGT)

When you dispose of one of your belongings CGT is calculated on the sale proceeds (if the item is sold) or the market value (if the item is given away) after deducting what it cost or the value when the item was first acquired, say for example the item was inherited.

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Self-Assessment Tax Return

Please find below a checklist of information required to prepare a self-assessment tax return. You can also download the Word Document here. Please complete and return this list along with the relevant information to Together We Count Limited Please Tick or mark N/A General The latest HMRC Self Assessment Tax Read more…

Fiscal Year 2017-2018

Hello,

Fiscal YearHere we are again. We are approaching the end of another tax year. The Chancellor of the Exchequer has shown the country his plans and now some of us may need to make some changes in order to adapt to the new lay of the land! Key inclusions in this update are:

  • Claiming Capital Allowances – Tax planning
  • Changes in Cash-basis Accounting
  • Using up ISA Allowances
  • Changes in Dividend Allowances
  • Changes in Wear & Tear Allowances
  • Financial tax relief for Residential Landlords
  • Moving tax into the digital age

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