Accountants in Maidstone, Kent

Concorde House, 10-12 London Road,
Maidstone, Kent ME16 8QA
Telephone: 01622 677507
Email: Info@AppliedAccountancy.co.uk

Accountants in Maidstone, Kent. Ashford. Chartered accountants, management accounts, Maidstone, Kent, Accountants, Accounts, payroll, bookkeeping, book-keeping, vat, PAYE, taxation, corporation tax, self assessment, business plans, 01622 677507, year end accounts, annual accounts, secretarial, registered office, mailing address, actiondesk, action desk, applied accountancy

Established since 1996, Applied Accountancy is a professional business centre offering a comprehensive range of Accountancy, bookkeeping, Secretarial and Office Administration Services in Maidstone, Kent

Maidstone, Kent, Chartered, Accountant, Management Accounts, bookkeeping, payroll, book-keeping, VAT, PAYE, taxation, corporationtax, self assessment, business plans, 01622 677507, year end accounts, annual accounts, actiondesk, action desk, Applied Accountancy

Each tax year you have an annual tax-free allowance known as the 'Annual Exempt Amount'. You only pay tax on total net gains above this amount, using the Capital Gains Tax rate for that tax year. You may qualify for Indexation Allowance for certain disposals before 6 April 2008.

Annual tax-free allowances

Nearly everyone who lives in the UK will get the Annual Exempt Amount. This allows you to receive some normally taxable gains 'tax-free'. There are different Annual Exempt Amounts for individuals (including personal representatives) and most trustees. The amounts are set for each tax year.

Annual Exempt Amount                                          2007-08 (£)        2008-09 (£)           2009-10 (£)

Individuals, personal representatives &
trustees for vulnerable persons                                       9,200                9,600                   10,100

Other trustees                                                              4,600                4,800                     5,050

Personal representatives get the Annual Exempt Amount for the tax year in which an individual dies and the next two tax years.

For 2008-09 and later years, you don't get the Annual Exempt Amount if you are not domiciled in the UK and claim the special 'remittance' basis of tax - which means you only pay Capital Gains Tax on gains you bring into the UK and gains on assets located in the UK.

Tax rates and thresholds

2008-09 and 2009-10

There is a single rate of Capital Gains Tax of 18 per cent for individuals, trustees and personal representatives.

2007-08

The rates of Capital Gains Tax for individuals for 2007-08 are 10 per cent, 20 per cent and 40 per cent depending on your income.

You must always work out your Income Tax liability before you work out your liability to Capital Gains Tax. The tax bands are first set against your income and what's left is set against your Capital Gains to work out your liability to Capital Gains Tax.