CONTACT TAX FIRST CONSULTANTS IN ASHFORD, KENT FOR EXPERT ADVICE

Receiving money through inheritance or selling high value items can be a great opportunity. However, there are potential penalties if you don't pay the correct tax on the money you have received. Tax First Consultants can help you navigate all the different rules and regulations to make sure the correct amount is paid to HMRC.

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MAKING SENSE OF CAPITAL GAINS TAX

Capital Gains Tax is applicable if you have sold an asset that has appreciated in value. There are exceptions to the rule though, such as if you are selling your main property, a car, a possession worth less than £6,000 or the gain is within your tax-free allowance. The rate of Capital Gains Tax varies from 10% to 28% depending on how much other tax you pay.

The rules around Capital Gains Tax can be confusing so, to make sure you are staying on the right side of the law, talk to Tax First Consultants today.

Self Assessment tax returns

HELPING YOU UNDERSTAND THE RULES AROUND INHERITANCE TAX

If someone dies and leaves possessions, property or savings over the value of £325,000, Inheritance Tax can be applied at 40%, an incredibly high amount. Making early plans around Inheritance Tax exposure can help to avoid this and make sure your estate is distributed how you would prefer. We can help you set up wills, trust funds and gift money to people while you are still alive.

If you have recently received inherited money or property, we can help make sure all the rules have been followed to prevent penalties later.

The world of Inheritance Tax is full of different rules and regulations for different situations. We can help work out a plan of action based on your particular situation.