Capital Gains Tax
accountants at your service
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
- It has been let at any point in time
- It is being used as your place of business
- The land attached to it is significantly large
- It hasn’t always been your main place of residence
Why take help for your
Capital Gains Tax planning?
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:
- Whether your profit from the sale falls within your yearly tax-free allowance (in which case you don’t need to pay CGT)
- How you and your spouse/partner can make the most of available allowances
- Whether you can dispose of your assets as gifts
- How CGT applies to special circumstances
Save on taxes with the help of our
Capital Gains Tax accountants
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:
Frequently Asked Questions
1. What are the current Capital Gains Tax rates in the UK?
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.
2. How does one avoid Capital Gains Tax in the UK?
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.