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This Practical Tax Database and Virtual Tax Partner® Toolkit is your online tax partner. It answers all your key tax FAQs, is packed with useful and practical tax and business guidance.

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Business Asset Disposal Relief (BADR) (formally called Entrepreneurs' Relief) is a relief that reduces the rate of Capital Gains Tax (CGT) paid to 10% on the disposal of a qualifying business asset.

The difficult part is working out the different rules.

Does your disposal qualify for BADR?  

This VtaxP BADR Sole trader tool now overs the following disposals:

Disposals made by an individual:

  • Between 6 April 2014 and 29 October 2018
  • Between 29 October 2018 and 5 April 2019
  • On or After 6 April 2019

Covering the following different scenarios:

  1. Disposal of a sole trade business to a third party
  2. Disposal of part of the business to a third party
  3. Disposal of the different assets of a sole trade business 
  4. Disposals with or without goodwill
  5. Disposal to a close company
  6. Disposal to a connected company
  7. Disposal by incorporation followed by a share sale
  8. Disposals that trigger the anti-avoidance rules
  9. All combinations of any of the above

Tool FAQs

1. What does the tool do?

"Congratulations, your business disposal will qualify for Business Asset Disposal Relief"

  • The tool works out if your disposal meets the qualifying criteria to claim Business Asset Disposal Relief.
  • It applies across multiple different permutations of the rules and provides different outcomes to around 50 permutations.
  • It does not work out your gain or tax due, as these are the next steps. If BADR does apply, tax is 10% of your gain (subject to the lifetime limit for BADR).

2. How long does it take?

  • Allow about 60 minutes if you are new to it and need to check some of the definitions and meanings (these are supplied by the tool).
  • You also need to gather data to use the tool, you will soon work out what you need.
  • About 3 minutes once you have run through it.

3. How long did it take to write and test this tool?

  • About three weeks, a lot longer than we thought: even we had no idea how complicated this relief has become.

4. How long would it take to work your way through the legislation without the tool?

  • It depends, but we would normally price to allow ourselves somewhere between three to five hours to check line by line (which is what the tool does for you)>

5. Which legislation?

The CGT legislation is:

Section 169H to 169V TCGA 1992, see Business Asset Disposal Relief legislation

6. What is the difficulty rating for Business Asset Disposal Relief?

  • High: don't try this at home unless you are really into tax law

7. What are the terms and conditions?

  • You DO NOT need to be a subscriber to www.rossmartin.co.uk in order to use this tool.
  • The login for the tool will be sent to you separately following payment.
  • Use of the tool depends on your acceptance of our Terms and Conditions
  • We are happy to double check your results with you if you need further assistance.

This Virtual Tax Partner © 'VtaxP' © tool checks Entrepreneurs' Relief conditions for the disposal of a the whole of part of a business, or assets used by the business when it ceases.

Duration: 365 days
Price: £159.00

Not a subscriber to www.rossmartin.co.uk? Then sign up and add this VtaxP tool at the same time.

Renew your subscription or subscribe for the first time to unlock the practical tax database at www.rossmartin.co.uk.

The annual fee for a sole practitioner: i.e. a sole trader or single director corporate practice,who is trading out of one office is only £425 + VAT. If you are a multi-partner/director firm, the cost is £135 + VAT per additional partner/director (you get one free with each office!).

If you have more than one office then go to the Multi Office subscription (next one down). You are given one free partner/director per office, if you have multiple partners/directors you pay £135 + VAT per additional person.

 

Duration: 365 days
Price: £425.00

Subscribe to unlock www.rossmartin.co.uk. The annual fee is just £434 + VAT, per office.

If you have more than one office then you pay £434 + VAT per extra office. this costing gives you one free partner/director per office: these are automatically given logins.

If you are a multiple partner/director business you pay £135 + VAT per fee earning partner or director, this is regardless as to whether they use the service. 

Duration: 365 days
Price: £434.00

 

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