When a firm makes a profit or sells all or a portion of a business asset, capital gains tax is due. Capital Gains Tax is owed by a firm on a variety of assets. These consist of real estate, equipment, machinery, shares of stock, fittings and fixtures, the goodwill of the company, and registered trademarks. To establish whether they must pay capital gains tax, businesses must calculate their gain. Self-employed individuals who are sole proprietors or partners in a business must pay capital gains tax. Different organisations, such limited businesses, instead pay Corporation Tax with the proceeds from the sale of their assets. Any gift to a spouse, civil partner, or domestic partner is exempt from capital gains tax.
You can be confident that your business will follow the law when it comes to disclosing and paying tax on your gain with the help of our knowledgeable tax accountant.