Small businesses in the county are confused about the recent capital gains tax changes announced in the Emergency Budget and unsure how they will affect them, warned a leading local accountant.

Nigel Lomax, owner and director of Shrewsbury-based Tax Assist Accountants, has received numerous calls from both existing and new clients asking for clarification on the new levels of chargeable gains so has produced a simple overview.

"Chargeable gains received on or after the 23rd June are affected" explained Nigel "so if your income - once deductions and any areas of relief have been removed - is less than £37,400 for 2010 to 2011 you'll still pay a flat capital gains rate of 18%. Everything over this threshold will be charged at 28%."

"But there are other changes that local business owners need to also be aware of too, with two aspects of the capital gains tax Entrepreneurs' Relief altering. There is a technical change to the way in which relief is calculated, although effectively a flat rate of 10% will continue to apply, but most positive is that the lifetime gains that can benefit from the relief have increased from £2 million to £5 million which will hopefully encourage more entrepreneurship in the county."

Anyone who is still confused about the issue is welcome to call Nigel or a member of his dedicated team for a free, informal chat on 01743 366669 where they'll be happy to help.

TaxAssist Accountants is the largest network of accountants in the UK and focus their skills specifically on small businesses and taxpayers.