Author: Lera accountancy

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Entrepreneurs’ Relief when selling shares in your business

Posted by on 10.15.20 in Knowledge Base

Entrepreneurs’ Relief reduces the amount of Capital Gains Tax payable when you dispose of (sell) shares in all or part of your business. It results in a tax rate of 10% on the value of the disposal. There’s no limit to how many times you can claim and you can claim up to £1 million of relief […]

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Capital Gains Tax

Posted by on 10.15.20 in Knowledge Base

Capital Gains Tax arises when you make a profit from selling something you own. The important point to remember is that the tax is calculated on the profit you make, and not the amount you sold it for. As the name suggests, it’s all about the gain! Capital Gains Tax is essentially a tax on […]

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Paying back a student loan when self-employed

Posted by on 10.15.20 in Knowledge Base

As a freelancer, contractor, or small business owner, your student loan repayments will need to be included on your annual Self Assessment tax return. How much do I need to be earning before repayment starts? If you took out your loan in England or Wales before 1st September 2012, you will repay your loan under HMRC’s Plan 1. You’ll start repaying […]

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End of Tax Year – for tax year starting on 6th April 2020

Posted by on 10.15.20 in Knowledge Base

Personal tax, thresholds and allowances The 2020/21 tax year commences on 6th April 2020.The Personal Allowance – the amount you can earn before paying any Income Tax –  remains at £12,500 for the 2020/21 tax year. The threshold for paying the Higher Rate of income tax (which is 40%) also remains at £50,000. This amount includes the Personal […]

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Business Guides

Posted by on 10.15.20 in Business Guides

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