From an accounting perspective, you need to account for the initial purchase of an asset but then add in a transaction for each year you hold the assets, to reduce the value to the business. There are no hard and fast rules on when or by how much you depreciate the value of assets but this explains some of the key facts and aspects to be aware of.
If you’re thinking of selling your business, one of the key questions you may ask is what tax I will pay on the money I receive? It’s a fair question too. Afterall, if you’ve been building the business for many years, you’ll want to ensure you see maximum benefit from the risk and hard work you’ve undoubtedly had to put into it.
If your business is, or becomes, insolvent you must act with care to avoid wrongful or fraudulent trading. Here we explore the differences and implications of each.
An increasing number of families across the country are facing the prospect of significant Inheritance Tax (IHT) bills. Chichester is at the forefront of this mounting problem as asset rich, cash poor (relatively) families fail to make use of strategies to mitigate the impact of IHT. Whilst many over 50s will be counting the benefit […]
Property owners need to be aware of significant changes to Capital Gains Tax (CGT) rules regarding the disposal of property assets. A range of measures were announced in the Autumn Budget 2018 that will impact those selling their main home, second homes or buy-to-let properties. One significant change relates to the sale of main homes. […]