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Property apart from your home
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Business assets such as machinery
When you sell an asset that has gone up in value, like property, antiques or a business, you may find that you need to pay Capital Gains Tax (CGT). Planning for this on your own can be tough – at Golding Accountancy, we can help you navigate the complexities of CGT and minimise your tax burden.
Most personal possessions worth more than £6,000
The laws surrounding Capital Gains Tax can be quite complex. As a result, you may end up paying more than they owe. At Golding Accountancy, we have extensive knowledge of CGT and would be happy to help you reduce your tax bill when selling your assets. Things we can help you with include:
Let us craft a personalised plan to reduce or defer your Capital Gains Tax while ensuring you stay compliant with tax and legal regulations. Our CGT experts offer a comprehensive range of services, including:
For the 2023/2024 tax year, CGT rates are 10% (18% for residential property) for your entire capital gain if your total annual income is less than £50,270 and 20% (28% for residential property) for your entire capital gain if your total annual income is above £50,270.
There are several ways to avoid paying CGT or reduce the amount you need to pay. For example, if you sell the main home you have lived in throughout and never let out (in whole or part) to anyone, you don’t need to pay CGT. Understanding CGT can be complicated, so we’re happy to do a free initial consultation to see how we can optimise your personal and business finances. To know more, contact Golding Accountancy today!
We’ve got all your bookkeeping, VAT, payroll, Self Assessment, and cash flow needs covered. Delegate the work to us and relax.