Accountant in High Wycombe
Total Tax Accountant in High Wycombe here to help our clients to work
out their Tax Liabilities on disposals of assets. To help thousands of people in UK , HM Revenue and Customs has also launched two more Calculators to help to work out your tax liability. It is extremely important that correct figures are used to declare correct gain or loss so that you don’t over or under pay your taxes. We at Total Tax always here to help our clients to work out their Tax Liabilities on disposals of such assets. Please find these links below
- Capital Gains Tax shares calculator – to calculate capital gains tax on the sale of shares https://www.gov.uk/tax-sell-shares/work-out-your-gain
- Capital Gains Tax property calculator – to calculate capital gains tax on the sale of property https://www.gov.uk/tax-sell-property/work-out-your-gain
View the full list of calculators at HMRC calculators and tools (https://www.gov.uk/guidance/hmrc-tools-and-calculators).
| 2018/19 | 2017/18 | |
|---|---|---|
| Higher rate taxpayers rate | 20% / 28% * | 20% / 28% * |
| Entrepreneurs’ relief – effective rate | 10% | 10% |
| Annual exemption | ||
| Individual | £11,700 | £11,300 |
AEA limits
| Customer group | 2014 to 2015 | 2015 to 2016 | 2016 to 2017 | 2017 to 2018 | 2018 to 2019 |
|---|---|---|---|---|---|
| Individuals, personal representatives and trustees for disabled people | £11,000 | £11,100 | £11,100 | £11,300 | £11,700 |
| Other trustees | £5,500 | £5,550 | £5,550 | £5,650 | £5,850 |
If you’re non-domiciled in the UK
If you’ve claimed the remittance basis of taxation on your foreign income, you will not get the AEA if you’re non-domiciled in the UK.
You may be non-domiciled in the UK if you were born in another country and intend to return there, for example.
You may have claimed the remittance basis if you have income and gains from abroad and have decided that it’s beneficial to be taxed on the foreign income and gains that you bring here, rather than on the arise of all other income and gains.
Issues of domicile and tax on foreign gains are complicated. A lot depends on the facts of each case.
