At Perrys Chartered Accountants, we are highly experienced and knowledgeable in all areas of Capital Gains Tax (CGT) legislation. We help clients to ascertain chargeable assets, claim any relevant reliefs and produce accurate reporting for Capital Gains Tax purposes. Our dedicated Capital Gains Tax accountants will work closely with you to ensure you get the best from your assets at every stage.
The disposal of an asset could be subject to Capital Gains Tax, unless that asset is considered exempt. Common chargeable assets include:
When you sell an asset for profit, this is known as a ‘capital gain’, so any asset which has increased in value is subject to the tax. If your gains for the year fall below your annual tax-free allowance, you will not be required to pay CGT. For those without an accountancy background, calculating Capital Gains Tax can be challenging. The rules are highly complex, particularly regarding those valuable tax reliefs.
Chargeable assets can vary in their liabilities under Capital Gains Tax legislation. Certain reliefs are available on selected assets, for which a lower tax rate is charged. If you sell an asset that is jointly owned, you will be liable for Capital Gains Tax on your share.
It is common for property assets to far exceed this tax-free threshold, which can make Capital Gains Tax very expensive, particularly in combination with your income tax liability. Yet a large number of landlords and investors are paying far too much tax when selling their property asset, without the proper knowledge of any reliefs or allowances available.
This is why it is so important to have a qualified Capital Gains Tax accountant, to ensure that you are claiming all eligible reliefs to bring down your CGT liabilities wherever possible. We will examine your records in depth, keeping you fully informed throughout the process, ascertaining any reliefs to which you may be entitled.
These are a few key things you should know about Capital Gains Tax:
You may be required to register for self-assessment (if not already registered) and report the gain on your tax return.
For residential property disposed of on or after 6 April 2020, gains must now be reported online and the tax paid within 30 days of completion.
To report the gain online, a government gateway account will be required (unless using an agent).
If you already complete a self assessment tax return, the gain should also be reported on your return.
Our team of highly qualified Capital Gains Tax accountants will assess your position to minimise liability while ensuring that you gain maximum value from your assets. We also offer a full range of tax accounting services.
When it comes to property and other assets, there are lots of ways to offset your costs. Potential tax reliefs are similarly numerous, and in many cases it is possible to significantly reduce Capital Gains Tax liabilities, sometimes down to zero.
No one wants to pay any more tax than they need to, and no one wants to calculate their liability incorrectly. That is why hiring an experienced specialist Capital Gains Tax accountant is the best way to handle your capital gains.
Get in touch with our friendly team of accountants today for a free, initial no-obligation consultation to discuss your needs. We will be happy to chat you through the ins and outs of Capital Gains Tax and work out how we can minimise your liability.