Capital Gains Tax in Bonnyton

Get in touch

Capital Gains Tax Advice in Bonnyton

At The Tax Advisors, we offer expert Capital Gains Tax (CGT) services to help you navigate the complexities of the tax system.

As professional and affordable tax accountants based in the UK, we ensure you meet your tax obligations efficiently and without stress.

We’ll cover everything you need to know about Capital Gains Tax, including key areas where CGT applies, how it's calculated, and answers to frequently asked questions.

Get in touch

What is Capital Gains Tax?

Capital Gains Tax (CGT) is a tax on the profit you make when you sell or dispose of an asset that has increased in value. It’s crucial to understand that this tax is only charged on the gain—the difference between what you paid for the asset and what you sold it for—rather than the total amount of money received.

Key Areas Where Capital Gains Tax Applies

If you’re a UK resident, you may be liable for Capital Gains Tax when you sell or dispose of certain assets. This includes:

  1. Property: When selling a second home, buy-to-let property, or land that isn’t your primary residence.

  2. Investments: Disposing of shares, bonds, or other financial instruments.

  3. Business Assets: Selling part or all of your business or business assets.

  4. Personal Possessions: Selling valuable items worth over £6,000, such as artwork, antiques, or jewellery.

How is Capital Gains Tax Calculated?

When selling assets, it's essential to understand that this transaction can trigger Capital Gains Tax obligations. To calculate CGT, follow these steps:

  1. Determine the gain: Subtract the original purchase price (including any associated costs) from the selling price (minus selling expenses).

  2. Apply any reliefs or exemptions: Several allowances and reliefs are available, such as the Annual Exempt Amount (£6,000 for individuals in 2023/24) and Private Residence Relief for your main home.

  3. Apply the tax rate: The CGT rate depends on your income tax band—18% or 28% for residential property and 10% or 20% for other assets.

Common FAQs About Capital Gains Tax

1. Who needs to pay Capital Gains Tax?

If you're a UK resident and you sell or dispose of certain assets, you may be liable for CGT. Non-residents may also need to pay CGT on UK property sales.

2. What assets are exempt from CGT?

Assets such as your primary residence, personal cars, and ISAs (Individual Savings Accounts) are typically exempt from CGT.

3. When do I need to report and pay Capital Gains Tax?

You must report CGT in your Self-assessment tax return. For UK property sales, CGT must be reported and paid within 60 days of the sale.

4. Can I reduce my Capital Gains Tax bill?

Yes, through careful planning and by utilising available reliefs such as Entrepreneurs' Relief, Gift Hold-Over Relief, and Private Residence Relief.

How The Tax Advisors Can Help You

The Tax Advisors specialise in providing comprehensive Capital Gains Tax services to ensure you comply with UK tax laws while minimising your liability.

Whether you are selling property, investments, or business assets, we can help you accurately calculate your CGT obligations, ensuring that all possible reliefs and exemptions are applied.

By strategically planning your asset sales, we can help reduce your Capital Gains Tax liability, saving you money in the long run. We also ensure that all CGT obligations are accurately reported, keeping you in good standing with HMRC.

Why Choose The Tax Advisors?

At The Tax Advisors, we are dedicated to providing affordable, high-quality tax advice tailored to your specific needs. Our team offers:

  • Professional Expertise: With years of experience in UK tax law, we are well-equipped to handle your Capital Gains Tax requirements.

  • Affordable Services: We pride ourselves on offering competitive pricing without compromising on the quality of our services.

  • Personalised Advice: We understand that every client's situation is unique, so we tailor our services to meet your individual needs.

Conclusion

Understanding and managing Capital Gains Tax doesn’t have to be complicated.

With The Tax Advisors by your side, you can ensure that your CGT obligations are met efficiently and cost-effectively.

Whether you’re dealing with property, investments, or business assets, we’re here to help you navigate the process and minimise your tax liability.

Get in touch

We cover Bonnyton (Aberdeenshire)

Get in touch

We aim to get back to you in 1 working day.


Skip to

Gallery

Other locations available for capital gains tax
Gallowhills Fisherford Bridgend Newtonhill Monboddo Mill of Kincardine Dinnet Lumphanan Woodlands Corgarff North Rayne Tomintoul St Katherines Braeside Kildrummy Fortrie Glenkindie Kirkney Craighead Kirkton of Maryculter Kintore Turriff Ballater Mill of Echt Bridge of Gairn Boyndie Largie Folla Rule Kirkton Crathie Invergelder Torries Greeness Arbuthnott Tarland Colpy Mid Ardlaw Forbestown Tullynessle Whiterashes Crossroads Gardenstown Oldwhat Muir of Alford Marionburgh Auchattie Kirktown Dykeside Upper Boddam Peterhead Cuttyhill Glenbarry Rhynie Blackhouse Portlethen Roadside of Kinneff Ardo Roadside of Catterline Muir of Fowlis Comers Kiddshill Auchendryne South Kirkton Durris Ho Bridge of Canny Whitecairns Auldyoch Windyedge Millden Ythanbank Westside Inverurie Inver Laurencekirk Hillside East Mains Denhead Swellhead Catterline Pitcaple Whitehills Tipperty Stonehaven Fettercairn Corse Cairnorrie St Fergus St Combs Drumlithie Kinkell Gariochsford Berefold Keyhead Leylodge Marnoch Quilquox Chapelton Balnamoon Duff's Hill Ardlawhill Fyvie Thistledae Sandend Kirkton of Rayne Buchanhaven Hassiewells Arthrath Middle Grange Toddlehills Kirkton of Auchterless New Deer Fordoun Sauchen Netherbrae Roanheads Stuartfield Inverkeithny Milton of Cushnie Millbreck Blacklaw Nether Kinmundy Waterton Udny Green Whitehouse Mintlaw Station Charlestown Townhead Annochie Affleck Parkhead Strathdon Rosehearty Bonnykelly Logie Coldstone Oldmeldrum Cuminestown Kennethmont Glenbervie Duncanstone Tyrie Banchory Landerberry Ardallie Calladrum Cottown Bridge of Feugh Longside Plaidy Maud Allanaquoich Memsie South Quilquox Longmanhill Backhill of Clackriach Wedderlairs Muirtack Birsemore Pole of Itlaw,The Daviot Huntly Leslie Drumdollo Monkshill Heugh-head Balblair Tocher Finnygaud Westhill Cookney Redmoss Leochel-Cushnie Gordonstown Middlemuir Udny Station Aquhythie Blackdog Meikle Wartle Birse Kirkton of Tough Pittulie Millbank Kirktown Gourdon Ryehill Kemnay Teuchar Fetterangus Methlick Auchnagatt Cauldwells Woodhead North Flobbets Mill of Pitcaple Alford Cruden Bay Flushing Coplandhill Badentoy Park King Edward Garbh Allt Shiel Longhaven Garvock Deebank Potterton Collieston Netherley Johnshaven Migvie Upper Boyndlie Thornyhill Hardgate Bridge of Muchalls Blackhill Nethermuir Easter Balmoral Bogniebrae New Leeds Old Deer Blackburn Oyne Dunecht Kirkton of Oyne Backburn Cross of Jackston Largue Cairnie Hirn Cowie New Aberdour Tillyfourie Milton of Dellavaird Rickarton Old Rayne Denside Crossbrae Scotston Durno Forgue Aberchirder Whiteford Lonmay Cairnleith Crofts Benholm Bogton Tornaveen Torphins Craigmaud Crathes New Byth Cairnbulg Brownhill Sandhaven Kinmuck Newmachar Knockenbaird Lethenty Hillhead Chapel Hill Brodiesord Lyne of Skene Milton of Campfield Balhalgardy Keith Inch Craiggie Cat Milltown of Auchreddie South Cookney Balthangie Chapel of Garioch Clerkhill Old Kinnernie Montgarrie Kirkton of Glenbuchat Banff Downies Kirkton of Skene Portlethen Village Brideswell Kirktown of Alvah Crimond Kinknockie Perkhill Cairnhill Ballochan Fiddler's Green Kirkton of Durris Edzell Woods Sittyton Lochton of Leys Ardoyne Lochside Inverallochy Ord Mill Broomfield Garmond Portsoy Findon Knaven Ythanwells Woodhead Stirling Pennan New Pitsligo Port Erroll Turfhill Fraserburgh Hillhead Clovenstone Clatt Gartly Millbank Luthermuir Craigdam Coalford Bush Banchory-Devenick Overhill Marywell Pitfichie Belfatton Gordonstown Rathen Pitblae South Brachmont Hatton Insch Burgh Muir Lower Woodend Inverey Broadsea Whinnyfold Badenscoth Port Elphinstone Towie Roughpark Damhead Backhill of Fortrie Kinneff Brathens Mintlaw Inverbervie Old Westhall Hythie Macduff Crimonmogate Tifty Stranog Hillhead of Mountblairy Ordie Brucklebog Whitemyres Letter Crawton South Flobbets Ellon Bonnyton Bograxie Inverythan Muir Fintry Belhelvie Knowes of Elrick Bridge of Alford Rora Castleton Torterston Inchmarnoch Echt Middlemuir Balmedie Belnacraig Keilhill Braemar Thornroan Inverboyndie Kincardine O'Neil Drumblade Keig Coynach Silverbank Sandfordhill Bellabeg Fordyce Boddam Inverenzie Cornhill Greens Gowanwell Strachan Meethill Upper Lochton Kirkton of Culsalmond Milltown of Kildrummy West Burnside Coull Finzean Pitmunie Kinnadie Marywell Clola Auchenblae Hatton of Fintray Peathill Redhill Drumoak Mill of Monquich Barthol Chapel Kirktown of Fetteresso Newburgh Rothney Old Cornhill Balgaveny Ruthven Bainshole Drakemyre Craigearn Hill of Mountblairy Tarves Cammachmore Muchalls Ballogie Drymuir Crovie St Cyrus Ordhead Rothienorman Invernettie Elrick Monymusk Backhill Cottown Lumsden Crofts of Haddo Auchleven Howe of Teuchar Aboyne Moss-side of Monellie Upper Woodend Mountsolie Burnhead Neuk, The Dunandhu Kincluny Hill of Banchory Pitmedden Inverugie Hallmoss Ordiquhill Ardonald Millfield Braegarie Dubford Strichen