The Business Exchange Swindon & Wiltshire Edition 48: April/May 2020 | Page 12

FINANCE
New Capital Gains Tax rules on
sale of residential properties
Watch out if you sell a property after 6th April 2020.
If you are a UK resident and you are selling your residential property on or
after 6th April 2020, any Capital Gains Tax due will have to be calculated
and paid to HMRC within 30 days of the sale.
For the vast majority of sales, no Capital
Gains Tax (CGT) will be due, because of
Private Residence Relief which applies
to the sale of family homes. But for those
properties which have been held as
investment properties, the new rules will
apply.
This is a massive change from the current
rules under which any CGT on gains made in
the year ended 5th April 2019 would be due
by 31st January 2020. From 5th April 2020,
the pressure is on to work out the Capital
Gain and send in a ‘Residential Property
Return’ plus any tax due within 30 days of the
sale. If no tax is due, then the 30 day rule is
not relevant.
CGT payments are effectively a payment
on account of Capital Gains Tax, and the final
amount owed or repayable will be calculated
within the normal Self-Assessment Tax
Return.
So, it may well be the case that CGT is
payable on selling a property within 30 days
under the new rules, but that a loss on (for
example) the sale of shares leads to the
Capital Gains Tax paid being refunded once
the year’s Self-Assessment Tax Return has
been submitted.
It is vitally important that anyone likely to
be affected by the new rules contact their
accountant before any sale is made to give
time for the tax due to be calculated and the
Return to be made. There will be late filing
penalties when either the Return is made, or
the tax is paid, later than 30 days.
Search AMS Accountancy on YouTube and
watch their 80+ informative videos.
Advice for small businesses
AMS Accountancy Ltd. 01793 818400
What expenses can I claim through my Company on top of
mileage while I’m working away?
Generally, if you stay away overnight, you can claim for the actual
costs of the accommoda�on and a meal on top of your
mileage. You can also claim Incidental Overnight Expenses,
(receipts not needed) these are not necessarily business expenses
but items such as toothpaste, telephone calls to family etc. up to
£5 per night in the UK and £10 outside the UK.
As an alterna�ve to claiming the actual cost of meals, you can
claim benchmark scale rates that depend on the hours you spent
away from home (£5 for one meal when away for at least 5
hours; £10 for two meals when away for at least 10 hours; £15 if
leave work a�er 8pm and have to buy an evening meal while
travelling home).
Peter Bromiley ACA
80+ videos on
‘AMS Accountancy’
@AMSAccountancy
www.ams-accountancy.co.uk
Alison Edgar donates online
sales course during COVID-19
outbreak CUSTOMS, IMPORT, EXPORT
& INTERNATIONAL LOGISTICS
SUPPORT FOR YOUR BUSINESS
Alison Edgar, The Entrepreneur’s Godmother, is supporting local firms in
the wake of COVID-19 by donating her online sales course to help small
businesses remain buoyant in uncertain times. Do you import & export goods?
The course will teach you how to build
better relationships with your clients and
how to recognise their behavioural style
and your own. Even better, you will also
learn how to adapt your style to match
theirs.
Alison said, “With the continual spread of
Coronavirus looming over the economy, it’s
easy to feel scared or anxious about what
the future holds. These feelings can lead us
to procrastinate and put our businesses on
hold. That’s why it’s imperative we remain
focused on the bigger picture and put our
spare time into investing in our professional
development.”
Alison is giving away lifetime access to
her online course, ‘How to Sell to Anyone’,
to give local businesses the opportunity
to develop their sales skills to stand them
in good stead for the future and give them
control during this ambiguous economic
period. Alison continued, “This could be the
nail in the coffin for a lot of SMEs, that’s
12
www.tbeswindonandwilts.co.uk
why it’s so important for me to be giving
this support”.
Debi Richens, Founder of Berkshire Grief
Counselling, has already taken advantage
of the offer. She said, “The right mindset
is incredibly important right now more so
than ever, Alison Edgar goes the extra mile
when people most need a boost”.
Worried about Brexit & how new
rules may affect your business?
Confused & need some direction?
SPEAK TO OUR SPECIALIST TEAM
TO SEE HOW WE CAN HELP.
To access the course ‘How to sell to
anyone’ visit: entrepreneursgodmother.
com/online-courses/how-to-sell-to-
anyone/ Please use offer code ‘POSITIVE’
at the checkout.
CUSTOMS
BUREAUX
07968 849 671
www.customsbureaux.com