What Could Trigger Your Capital Gains Tax Bill?

 

Understanding when you need to declare profits to HMRC is essential — especially if you have recently sold or disposed of assets like property or shares. In this blog, we explain what could trigger a capital gains tax bill and how working with a tax accountant in London can help you stay compliant and minimise surprises.

Assets that could create capital gains

You may trigger a capital gains tax bill whenever you sell or dispose of certain assets for more than you originally paid. HMRC requires you to declare gains from the following:

• Property: Selling a second home, rental property, or parcel of land may incur capital gains tax. Your main residence is usually exempt unless it has been rented out or used for business purposes.
• Investments and shares: Profits from selling shares, mutual funds, or bonds may be taxable—unless the investments are held within a tax-advantaged account like an Individual Savings Account (ISA).
• Business assets: Selling business premises, equipment, or machinery can trigger a taxable gain.
• Personal possessions: Selling personal items such as antiques, jewellery, or artwork worth more than £6,000 may also lead to a capital gains tax liability. Private vehicles are generally exempt.

It’s important to track what you sell and keep accurate records. If you’re unsure whether a transaction needs to be declared, consulting a tax accountant in London can help you avoid errors and reduce the risk of HMRC enquiries later.

When you must declare gains

Even if you stay within your annual tax-free allowance, there are circumstances where you must report your gains:

• Gains above the Annual Exempt Amount: If your total asset disposals exceed £50,000—even if no gain was made—you must declare them on your tax return.
• Losses: Capital losses should also be reported, as they can be used to offset future gains and lower your tax liability.
• Property sales: All residential property disposals must be reported, and capital gains tax must be paid within 60 days of the sale—even if the amount is small.

Get advice from a tax accountant in London.

Managing your capital gains tax position properly can make a real difference to your finances. At Allenby Accountants, we tailor our advice to your situation and help you handle reporting requirements confidently.

Call us today on 0208 914 8887 to consult a trusted tax accountant in London and make sure you stay on top of your obligations.

How AI Notes Are Changing Doctors' Finances

 

AI is already supporting administrative work in healthcare, enhancing diagnostics, assisting with clinical decisions, and enabling more personalised treatments. But beyond clinical practice, AI is also influencing how doctors manage their finances — particularly through the use of AI-generated notes.

 

What are AI notes?

 

AI note-taking platforms can accurately summarise patient consultations and produce real-time transcriptions — even identifying individual speakers to provide extra context. Some tools can also suggest next steps or highlight key points based on the consultation notes, helping doctors make better-informed decisions.

 

Reducing the administrative burden

 

Hiring an accountant for medical professionals is still crucial when it comes to managing your practice’s finances, but AI-driven scribes can ease your day-to-day administrative workload. These tools automatically document patient interaction and generate clinical notes in real time. They can even prepare documents like referral letters. They also simplify transferring important information into electronic medical records (EMRs) to free up more time for patient care and improve practice efficiency.

 

How AI notes can impact your finances

 

Using AI notes lets you focus fully on your patients during consultations without worrying about manually documenting every detail. This improved efficiency can help you see more patients or simply operate your practice more smoothly — both of which can enhance your income without increasing your working hours. And by reducing documentation errors, AI platforms support more accurate billing and quicker payment cycles, improving your cash flow.

 

Take the guesswork out of your financial management

AI tools can certainly streamline your practice, but they are not a replacement for expert financial advice. Having an accountant for medical professionals ensures that you are managing your finances strategically and claiming the right reliefs, as well as planning effectively for your future.

 

If you would like to take the stress out of managing your practice’s finances, contact Allenby Accountants. Call us on 0208 914 8887 to arrange a consultation or request a quote through our website.

 

The Small Business Guide to Succession Planning

 

Long-term planning often takes a back seat if running your small business demands your full attention. But whether you're handing the business over to a family member or a long-time business partner, preparing early helps protect what you've built, long after you’ve stepped away.

Small accountancy firms in London can help you develop a clear succession plan to ensure that when the time comes, whether expected or not, your business will continue in capable hands.

 

What is succession planning?

 

Succession planning outlines who will take control of your business when you step down or are no longer able to run it. It’s just as important for smaller or family-run businesses as it is for large corporations. Without a plan, even a short disruption can affect long-term stability.

 

With succession planning, you can:

 

·         Prepare for unexpected events

·         Simplify the transition process

·         Clarify your retirement timeline

·         Support future business growth

·         Ensure the business continues under reliable leadership

 

Start planning sooner rather than later.

 

Planning ahead means you’re not caught off guard and can act quickly if needed. Take a limited company as an example — if you plan to split ownership among your children, having a shareholder agreement in place early can prevent confusion and avoid future disputes. Small accountancy firms in London can get you started right away.

 

Choose the right successor.

 

The next step is identifying who will take over. That could be a family member or even someone outside the company. Whoever you choose should have the right mix of skills and values to carry your business forward.

 

Ownership changes often bring operational shifts, especially in businesses built by founders with different strengths. That’s why selecting a successor who can fill that gap effectively is key to keeping the business stable and successful.

 

Plan the transition and train your successor.

 

A smooth handover doesn’t happen without preparation. Set up a structured transition plan that includes training, mentorship, and time to build experience in critical areas of the business. Encourage your successor to take on responsibilities gradually and build relationships with key clients.

 

Set clear timelines and goals for the transition. This might include completing relevant certifications or reaching specific performance milestones. This kind of preparation helps the successor feel confident and ready to lead. If you need help, don’t hesitate to turn to small accountancy firms in London.

 

Work with experienced accountants

 

Succession planning is easier when you have expert support. Small accountancy firms in London, like Allenby Accountants, can guide you through each step—from choosing a successor to managing legal and financial details.

 

Call 0208 914 8887 for a free, no-obligation consultation.

How Business Account Tax Works in the UK

 

Whether you're managing corporation tax or filing a self-assessment, staying on top of your tax obligations is essential to keeping your business running smoothly. Mistakes can be expensive—and that’s why you need to understand what taxes apply to your business, and when they’re due.

 

This guide breaks down the main types of business tax in the UK and explains how your structure affects what you need to pay. Plus, we’ll show how small business accountants in London can help you stay compliant and avoid costly mistakes.

 

What taxes might your business need to pay?

 

The taxes your business owes depend on a few key factors:

 

·         How your business is set up

·         How you pay yourself (drawings, salary, dividends)

·         The amount of profit your business makes

 

You may not have to pay every type of business tax, but which ones may apply can help you plan better and run your business more efficiently.

 

Here are the main taxes small businesses in the UK should be aware of:

·         Income tax

·         Corporation tax

·         Capital gains tax

·         National Insurance

·         Dividend tax

·         Business rates

·         VAT

 

How the business structure affects tax

 

Your tax responsibilities will vary depending on how your business is structured and whether you employ others. All businesses are taxed on profits, but how those taxes are calculated and paid depends on whether you operate as a sole trader or a limited company. If you’re just starting out, our small business accountants in London can help you pick the right structure that complies with HMRC requirements.

 

Sole traders

 

As a sole trader, you own the business yourself, without any partners or directors, though you can still hire employees. You take on full responsibility and make all the decisions for any business debts, including taxes.

 

You’ll pay income tax on your profits once they exceed the personal allowance. In addition, you’ll need to pay National Insurance contributions. And you must register for VAT if your turnover exceeds £85,000 in a 12-month period.

 

Limited companies

 

A limited company is recognised as a legally separate entity from the owners. It must be registered with Companies House to receive a company registration number.

 

If you run a limited company, you must pay corporation tax on profits. You’ll also need to register for VAT if your taxable turnover goes above £85,000 and you provide goods or services subject to VAT.

 

Let’s take the guesswork out of business taxes.

 

Hiring small business accountants in London is the best way to efficiently handle your business taxes. They can help you make the most of available deductions and stay on top of all your obligations.

 

If you're looking to reduce your tax bill and run your business more efficiently, give us a call at 0208 914 8887. At Allenby Accountants, we offer a free, no-obligation consultation to demonstrate how our services can support your operations.