Capital gains tax.

Don’t get caught out

When you sell a property or valuable asset, you’re expected to pay tax on any profits you make from the sale. Many people who do this are caught out by capital gains tax (CGT) and end up forking out more than they should.

By getting in touch with our team, we’ll get up to speed with your situation and give you advice on how you can sell your assets in a way that is tax-efficient and minimise the amount of CGT you have to pay. We’ll also manage any CGT calculations and pay HMRC on time so you don’t incur any penalties or subsequent investigations.

Capital gains tax applies to chargeable assets, these are personal possessions worth more than £6,000. Some assets do not fall into this – your car, any property which isn’t your main home or a property used for business purposes. The higher rates of CGT are paid on residential property.

If done correctly, your CGT liability can be reduced if you look into your ownership structure and potentially make use of tax-free allowances.

Reporting on capital gains has to be done within a set of deadlines. After selling a property, you have 60 days to report and pay any tax if the completion date was on or after 27 October 2021. If you sold between 6 April 2020 and 26 October 2021 then you have 30 days.

Taxes can be stressful to deal with by yourself so why not give our team a call and see how we could help?

Get in touch today.