Hi everybody, I am new on this but I need your help and advise, I run my small practice and do mu owne Self Assessment online, I used to work in accountanting office.
last year I sold my prictice (September 2017) including the fixed assets the building and the business (all for under 240K) I had net profit (from April to Sepember £10K) .
the questions are:
- Am I liable for CGT (the profit from sales the assets is £40K)
- can I submit everything in one Self Assessment and add the 40 to the 10 and calculate the tax due on it after deduct the personal allowance.
or
- I have to separate the normal business from the company (should be Business) sale.
if anybody can help I appreciated.
I have been advise to use an accountant, I can't afford it, to much debts.
thank you.
Aileen
-- Edited by Aileen on Wednesday 31st of January 2018 09:44:02 PM
Hi Aileen
You cannot afford not to get an Accountant!! They will save you from making a huge mistake and getting a massive tax bill - now or somewhere down the line.
They may even end up getting you a tax rebate via eg overlap relief and other reliefs.
We cannot advise you on here - you mention self assessment and company in the same sentence, so the position is not clear, besides we do not have enough details with the scant information you have given.
But more than that - we do this Accountancy lark for a living, so why would we provide such tax advice to someones for free?
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
