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Property apart from your home
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Business assets such as machinery
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.
HMRC levies Capital Gains Tax on the disposal of any chargeable asset gone up in value by a UK resident individual. The tax is paid on the profit made upon the sale. The rate at which CGT is charged will depend on the individual’s taxable income and the nature of the asset in question. Such assets may include:
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Shares apart from those held in a PEP or ISA
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Most personal possessions worth more than £6,000
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Your home, under the following circumstances
- 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
CGT can be complex and often intersects with both personal and business finances. The best way to approach it is to start with a consultation. Get in touch today for the tax advice you never knew you needed!
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:
- Advice on structuring business or property sales in the most tax-efficient manner
- Advice on shares and how CGT applies to different categories of shares
- Assistance to property investors dealing in buy-to-let properties
- Advice on transferring property to children or other successors
- Restructuring businesses to minimise the tax burden
- CGT advice for assets held in trust
- CGT advice for overseas properties
- CGT advice for non-UK residents
- How to offset CGT losses
Frequently Asked Questions
(FAQs)
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!
Why Choose
Golding Accountancy
From the fundamentals to the most complex queries, we’ve got your back on all things accounting and taxation. Our accounting services in the UK are the real deal!
No BS, never
We keep it real and tell it like it is – no fancy jargon or beating around the bush – just honest advice.
Tech-forward, always
We use the latest and best technology, so you know your tax liabilities in advance and can take action asap.
Approachable, always
Need help? Just give us a call! It’s free, and we’re happy to assist with any business struggles.
Vision in mind, always
We don’t rush into anything; instead, we take time for a soothing cup of tea and honest chats with you about your biz. Be steady.
In stress, never?
We’ve got all your bookkeeping, VAT, payroll, Self Assessment, and cash flow needs covered. Delegate the work to us and relax.
The kind of people
We work with
We’ll help anyone who’s excited about their craft, committed to their passion, and interested in getting to the heart of the financial matter. Our USP lies in our ability to provide top level tax advice to business in a wide range of sectors and backgrounds. And we deliver brilliant results.
Proof we are not
bull*****ing!
Our wide-ranging
tech stack
We work on the top software and applications in the industry, delivering to you the very best possible.
Fancy a cuppa
with us?
Get in touch with Golding Accountancy for guidance on the ins and outs of accounting, taxation and financial management? Let’s hang out and chat about it – it’s on us!
PS: We love biscuits.
Or, email us at info@wearegolding.com
Or, email us at info@wearegolding.com
