Tax Advice & Planning Leeds

Our wide range of tax advisory services are tailored to the needs of your business. Our Chartered Tax Advisors based in Leeds are here to offer you the very best advice for you and your business, making sure you are paying the minimum amount of tax whilst staying completely compliant.

Research & Development Tax Credits

R&D tax relief is available to companies that spend money on developing new or existing products and technologies. These innovations can be on products, services, systems or devices and can also be in the area of enhancing existing products or systems, for example by making them faster, more efficient or lighter. 

Our experienced tax advisors will support you in identifying, quantifying and submitting R&D claims to HMRC. Many business owners often overlook R&D tax credits and do not realise that many of their day-to-day activities may constitute R&D activities. which offer an incredibly valuable relief.

Any costs associated with R&D are uplifted by 130% for corporation tax purposes. If the result of this uplift creates a loss for corporation tax purposes then it is possible to surrender that loss for a payable tax credit of 14.5% of the loss. 

Enterprise Management Incentive (EMI) Scheme Implementation

An EMI scheme is a HMRC-backed, employee share scheme that allows employers to grant share options to key employee's tax efficiently. Our experienced tax advisors will guide and support you in implementing share option schemes to help retain and motivate key staff in a tax-efficient manner.

Tax Advice and Planning Leeds

Capital Gains Tax

What is Capital Gains Tax (CGT)?

Capital Gains Tax is a tax on the profit that you make when you sell something (an asset) that's increased in value. 

What do you pay Capital Gains Tax on?

  • Personal possessions worth £6,000 or more, apart from your car
  • Property that's not your main home
  • Your main home if you've let it out, used it for business or it's very large
  • Business assets

How to understand the capital gains tax payment for UK property sales?

It is important to follow the capital gains tax rules set out by HMRC to ensure that you are not charged penalties and interest for late payment of taxes. The penalty for late submission is £300. Since 6 April 2020, if you make a gain upon selling residential property then you have just 30 days to both tell HMRC about the gain and to pay the associated capital gains tax.

Please note that this is not relevant if you sell a property that you have always used as your own home. But if you sell a property that you have used as a holiday home, let to others to live in, or inherited then these new rules will apply to you. If your gain is less than your tax-free allowance (£12,300) then these new rules will not be applicable. The rules will also not be applicable if the contract for the sale was legally binding before 6 April 2020. To report the gain you will need a government gateway user id and password to report using the real-time capital gains tax service which can be accessed via the following link:

If you don’t have this or can’t remember this then get in touch as soon as possible so that we have time to help you get access to your account. It is important not to assume that your solicitor will deal with this as part of the sale process in the same way as they do with stamp duty as many will not have the necessary information available and therefore won’t file the return for you.

If you need help with this, or with other tax advice, then please get in touch 

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