CITY NEWS

BOOM BATTLE BAR

Situated in Kingsmead Leisure Complex, Boom Battle Bar is a competitive entertainment bar. The interactive sports entertainment bar is the first for Bath, stepping away from the classic nightlife experience and offering brilliant sporting experiences such as axe throwing, electric darts, nine-hole crazy golf, table tennis and much more. If you’re looking for ways to spice up your night out and want a bar experience that offers more than the classic pint and music, then you need to visit this new and exciting adventure bar that offers an extensive list of crazy activities.

It’s not just the quirky activities –there is also an array of cocktails, drinks and food supplied by expert bar staff.

To find out more call 01225 634001 or visit the website to book

boombattlebar.com/bath

STONE KING STRENGTHENS ITS TEAMS

Bath-headquartered law firm Stone King has strengthened two key teams with new paralegal appointments.

Firstly the firm’s Private Client Property team has welcomed Zoya Ustado as a paralegal. Paralegal Lucie Green has also joined the firm’s Crime team.

Stone King operates nationally with offices in Bath, Birmingham, Bristol, Cambridge, Leeds and London. The firm has built a reputation for excellence among both private and commercial clients.

stoneking.co.uk

L to R: Lucie Green and Zoya Ustado

FOURTH YEAR RECOGNITION FOR MOGERS

Private Client Partner, David Hill has been recognised by the prestigious Chambers High Net Worth Guide for the fourth year in a row. Published every July, Chambers independently researches lawyers across the UK by interviewing clients and accessing the quality of work and then ranking the top performing lawyers in its High Net Worth Guide.

In the guide, clients of Private Client Partner, David Hill state he “shows great empathy for delicate and personal situations,” adding “He is very supportive, friendly, and will go the extra mile to explain complex issues in straightforward ways.”

David's practice includes estate and succession planning. Professional advisers interviewed for the Guide say: "From a personal observation David relates well to his clients and expresses himself to them in a comprehensive and fully understandable way and that’s why we work alongside him."

mogersdrewett.com

PUNCTURE-PROOF TYRES

Gecko Rubber has launched a Kickstarter campaign to scale up the manufacturing of their new 100% puncture-proof, 100% recyclable bicycle tyres. Over one million tonnes of tyres and inner tubes are discarded each year, and with limited recycling options, the majority end up in landfill. With Gecko Airless Tyres punctures will become a thing of the past and tyres can be recycled at the end of their natural life. Using a patented two-stage rubber moulding technology, Gecko Rubber have optimised their formulation to maximise performance, reduce rolling resistance, and compete with pneumatic tyres. Suitable for bicycles and e-bikes, the tyres are easy to install, grip in wet and dry conditions and are extremely durable. geckorubber.com

Discover the world class companies in Bath and what makes them unlimited.. bathunlimited.org

ocl

ACCOUNTANCY

141 Englishcombe Lane, Bath BA2 2EL Tel: 01225 445507 www.oclaccountancy.com

Investment properties: Capital gains tax relief for capital expenditure

Gains made on the sale of second homes (e.g. buy-to-let properties or holiday lets) are subject to Capital Gains Tax.

The gain is calculated by deducting the original cost of the property from the sale proceeds as well as capital expenditure incurred on the property during ownership.

Capital expenditure would include the cost of building or acquiring the property, enhancing the value of the property and the incidental cost of acquiring or disposing of it.

Incidental costs include: - fees for the professional services of surveyors, valuers, auctioneers, accountants, agents and legal advisers - the costs of transfer or conveyance - stamp duty land tax - the costs of advertising to find a buyer - any costs reasonably incurred in making a valuation or apportionment for the purposes of the CGT computation.

Fees paid to professional advisors are only allowable for CGT purposes where they relate directly to the acquisition or disposal. Accountancy fees relating to the disclosure of the property disposal to HMRC, are not directly related to the disposal itself and therefore not allowable.

While the property is owned, money spent on enhancing the property could be an allowable deduction for CGT purposes. This could be an extension, loft conversion, full renovation or upgrade of a bathroom or kitchen for example.

The expenditure must be incurred for the purpose of enhancing the asset and must also be reflected in the state of the asset at the time of its disposal. The cost of an extension would only be allowable if the extension is still there when the property is sold.

A distinction must be drawn between improvement expenditure and repairs. A repair maintains the current state of a property whereas enhancement improves the property. Repair costs are not deductible for CGT purposes.

In all cases it is important to keep a record of all work done to the property (with invoices) along with the purchase and sale completion statements so that you do not miss out on any possible CGT relief! Where CGT is payable, a CGT return now needs to be completed and submitted to HMRC within 60 days of completion.