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Hi all,
I desperately need advice on what I can do to reduce a Capital Gains bill that will be due next year.
Earlier this year I sold some building land in the UK with the CGT payable in the RSA as, although I'm a British citizen, I'm registered for tax here.
I own a small hotel in South Africa which I have been restoring and now lease some business and residential rooms and am starting a pub. This building is VAT registered (a mistake on my part as the previous owner only told me at the last stage of the sale that I should be registered - I should have walked away but didn't - another story). I also have an IT business that is CIPC registered as a private company but has been separated from the hotel by my accountant and so is not VAT registered.
What, if anything, can I spend on either business that can be set against my personal CGT? My ideas I've so far are solar for the hotel, new computers for both businesses, a better or second vehicle.
I'd appreciate any ideas! Thanks
I desperately need advice on what I can do to reduce a Capital Gains bill that will be due next year.
Earlier this year I sold some building land in the UK with the CGT payable in the RSA as, although I'm a British citizen, I'm registered for tax here.
I own a small hotel in South Africa which I have been restoring and now lease some business and residential rooms and am starting a pub. This building is VAT registered (a mistake on my part as the previous owner only told me at the last stage of the sale that I should be registered - I should have walked away but didn't - another story). I also have an IT business that is CIPC registered as a private company but has been separated from the hotel by my accountant and so is not VAT registered.
What, if anything, can I spend on either business that can be set against my personal CGT? My ideas I've so far are solar for the hotel, new computers for both businesses, a better or second vehicle.
I'd appreciate any ideas! Thanks
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