Capital Gains Tax
Our Capital Gains Tax Services offer you comprehensive expert advice to ensure you meet and mimimise your CGT liabilities
We Give the Best Services
Capital Gains Tax (CGT)legislation is a very complex area, with many reliefs and exemptions available. Navigating these can be difficult, so using an experienced tax expert can give you peace of mind, ensure you’re paying the right amount of tax and meeting all your obligations.
Our comprehensive service includes:
Need Support with Your Capital Gains Tax
Tax Expert Accountants take care of your Capital Gains Tax compliance, so you can focus more on growing your business.
Why Choose Our Capital Gains Tax Service?
If you are planning to sell an asset or part of your business, strategic tax planning can help mitigate or reduce potential CGT liabilities.
Our professional advisors can provide tailored advice on tax planning opportunities, such as:
- Timing of disposal: Strategically timing the sale of assets can help reduce your overall CGT liability.
- Use of allowances and reliefs: Planning for and utilising your annual exemption and applicable reliefs can make your disposal more tax efficient.
- Asset transfer strategies: Exploring options for transferring assets to family members or into trusts can help to manage your CGT liability effectively.
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Frequently Asked Questions
What disposals are chargeable to Capital Gain Tax (CGT)?
When it comes to the disposal of assets, this can include selling, transferring or gifting an asset. An asset chargeable to CGT could be your business or business assets, personal possessions worth £6,000 or more, a property that isn’t your main home for all of the ownership period, cryptocurrency transactions and shares. If you are disposing of one of these we recommend you speak to an accountant who can let you know what tax rates, reliefs and exemptions may be applicable. An accountant can also offer tax planning advice to save you tax.
What is the CGT annual exemption?
The Capital Gains Tax (CGT) annual exempt amount is a tax-free allowance. You only have to pay CGT on capital gains above your annual exemption. This means that individuals can make small disposals each year without incurring a CGT bill where disposals are below the annual exempt amount.
Do I have to pay CGT if I sell m main residence?
No, if the property was your main residence for the entire period of ownership, you are exempt from CGT. If there is mixed property use, then you may need to consider CGT implications.
There are other assets exempt fromn CGT incluidng private motor cars, prize winnings and cash.