Capital Gains Tax
Capital Gains Tax (CGT) is a tax on the profit you make when you dispose of a business asset. In April 2024, the CGT allowance will be slashed to a yearly total of £3,000.
Businesses only pay CGT if they make a profit. That means, come April 2024, if you sell your asset for a profit of under £3,000, you’ll pay no tax on the sale.
What do I need to do? consider the sale of business assets in 2024. It could be a good time to make some extra cash on the side if your company is struggling financially. For complicated sales, don’t hesitate to consult a financial advisor or accountant