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You are here: Home » Private Clients » Capital Gains Tax Planning

Capital Gains Tax Planning


Income tax is just the start of your tax story. If you sell or give away an asset that has increased in value, you may also be charged capital gains tax on the “gain” or profit.

As with income tax, advance planning allows you to minimise your capital gains tax liabilities.

For example, we can advise on the disposal of business assets so that you receive the maximum benefit from the appropriate tax reliefs. Seeking our advice as far in advance of the transaction as possible is a wise move to give yourself the greatest tax advantage.

We can also advise on the best approach to disposing of other assets, particularly properties other than your main home, where you may be able to claim several special tax reliefs.

The timing and value of quoted share disposals can be a complex matter, but by seeking the advice of our dedicated tax team, we can help you to make the most of the annual exemptions available.

The Financial Conduct Authority does not regulate tax advice.

To find out more about how we can help you, please contact LRH accountants in Calderdale.

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Telephone: 01422 360788

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Latest News

Revenue updates guidance on tipping apps

May 9th, 2022

When HM Revenue & Customs’ (HMRC’s) current guidance on the tax treatment of tips and troncs was first published back in 2014, tips and troncs were paid almost exclusively in cash or through card transactions.

Of course, in the eight years since, things have changed dramatically and payments are frequently made via app-based platforms, whether for delivery drivers or waiting staff.

Now, HMRC has updated its guidance to take account of these changes and clarify the tax position that applies to different arrangements.

Importantly, the new guidance does not change the tax status of payments made through app-based platforms. Instead, it offers further clarification of the position and its application in various circumstances.

The two key takeaways are:

  • Tips and troncs passed from an app to an employer without an independent troncmaster are subject to National Insurance and PAYE, even if they are intended by the customer to be passed to a specific member of staff.
  • Tips paid directly by third-party apps to employees are not subject to National Insurance and PAYE. The onus is on employees to notify HMRC of this income.

App-based tipping arrangements can be set up in many different ways, with seemingly small variations in how they’re operated having sometimes significant impacts on the tax positions of employers and employees alike.

It is crucial not to make assumptions about the tax status of any app-based set-up you are using as errors can lead to HMRC inquiries and potentially hefty penalties.

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