Capital Gains Tax in Old Weston

Get in touch

Capital Gains Tax Advice in Old Weston

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 Old Weston (Cambridgeshire)

Get in touch

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


Skip to

Gallery

Other locations available for capital gains tax
Guilden Morden Ashley Teversham Tydd St Giles Little Wilbraham Waresley Meldreth Rampton Barham Elton Harlton Orton Wistow High Cross Oxlode Orton Malborne Prickwillow Brandon Bank Arrington Toft Leighton Bromswold Clayhithe Morborne Sapley North Brook End Snailwell Thorney Fen Drayton Melbourn Flood's Ferry Tadlow Horseway Wilburton Broughton Chapel Head Whittlesey Harston Kings Ripton Chainbridge Peas Hill Coldham's Common Woolley Wothorpe Wicken Werrington Iron Bridge Croydon East Hatley Stanground Church End Alconbury Four Gotes Little Gransden Long Meadow Witchford King's Dyke Chesterton Deeping Gate Diddington Eastgate Keyston Ufford Fowlmere Bottisham Great Paxton Cottenham Gatley End Little Stukeley Swaffham Bulbeck Wisbech St Mary Flint Cross Duxford Millfield Shingay Great Gidding Leverington Common Wimpole Little Green Farcet Coveney Claypit Hill Alconbury Weston Old Weston Hamerton Bar Hill Wentworth Yaxley Molesworth Eaton Socon Chettisham East Fen Common Green End Stetchworth Broad Hill Queen Adelaide Peterborough Pilsgate Christchurch Reach Little Catworth Broad Green Denton Begdale Great Wilbraham Stretham Heydon Westry Church End Wittering Mile End Swaffham Prior Friday Bridge Westwood Winwick Ramsey Forty Foot Wardy Hill Frog End Leverington Wennington Murrow Fenton Guyhirn Orwell Oakington Wansford Great Green Offord D'Arcy Bretton Trumpington Morden Green Stirtloe Staughton Highway Brington Caldecote Over Brampton Park Swingbrow Washingley Tholomas Drove Fordham Orton Goldhay Barton Kennett End Olmstead Green Paston Denny End Walton Moor End Childerley Gate Eye Green Stow cum Quy Foxton Brook End Down Field Orton Southgate Hartford Coppingford Bartlow Newark Buckden Little Paxton Ellington Boxworth End Cheveley Wistow Somersham Marholm Hemingford Grey Thorney Toll Covington Abington Pigotts Eastfield Parson Drove Great Stukeley Little Ditton Arbury Burton End Great Chishill Dry Drayton Owl End Old Fletton Holme Highfields Hatley St George Little Chishill Ravensthorpe Mill Green Knight's End Peakirk Little Eversden Warboys Woodditton Godmanchester Dogsthorpe Waterbeach Histon Gamlingay Cinques Elford Closes St Ives Hampton Hargate Hook Steeple Morden Grantchester Burwell West Wratting Maxey Tetworth Little London Stapleford Needingworth Witcham Croxton Black Horse Drove Grafham Ailsworth Gunthorpe River Bank West Wickham New England Boxworth Ramsey Willingham Green Water Newton Comberton Little Gidding Whaddon Widgham Green Cambourne Hilton Easton Papworth Everard Kennett Stonea Chiswick End The Hermitage Huntingdon Brampton Sutton Gault Heathfield Sibson Haslingfield Kings Hedges Kirtling Chippenham Sandhill Impington Benwick Spaldwick Aldreth Caldecote Barway Ditton Green Litlington Chesterton Babraham Wimblington Colnefields Knapwell Caxton Camps End Elsworth Milton Little End Weston Green Frog End Hauxton Houghton Tilbrook Bassingbourn Little Abington Castle Camps Ellington Thorpe Fitton End Castor Etton Eastwood End Thriplow Stonely Hemingford Abbots Odsey Church End Manea Hinxton Great Staughton Barnack White Cross Hill Abbots Ripton Doddington Toseland Cambridge Orton Longueville California Westwick Eldernell Nosterfield End Newton Whaddon Gap Kirtling Green Earith Horseheath Fengate Ramsey St Mary's Orton Waterville Balsham Woodhurst Dyer's Green Conington Buckworth Brinkley Bainton Saxon Street Little Raveley Yelling Mill End Girton Eynesbury Upend Old Wimpole Elm Conington London End Northborough Castle End Oldhurst Stilton Stibbington Carlton Orton Brimbles Shepreth Landbeach Bythorn Over End Coates Steeple Gidding Hardwick Papworth St Agnes Whittlesford Longstanton Pymore/Pymoor Great Eversden Madingley Southorpe St Neots Gamlingay Great Heath Little Thetford Church End Lolworth Newnham Stuntney Isleham Cherry Hinton Carlton Green Colne The Green Kimbolton Second Drove Wendy Dunkirk Newtown Pymoor Glinton Eltisley Glatton Holywell Pondersbridge Upton Little Ouse Little Downham Thornhaugh Great Gransden Dullingham Sutton North Side Pidley Eaton Ford Sutton Great Abington Upwood Wisbech Woodston Black Bank Chatteris Shudy Camps Ickleton Kneesworth Sawston Dullingham Ley Church End Hail Weston Romsey Town Sawtry Weston Colville Helpston Foul Anchor Commercial End Swavesey Town End Upton Coldham Barrington Gamlingay March Fenstanton Graveley Ring's End Great Shelford Streetly End Westley Waterless Abbotsley Wood Walton Soham Badgeney Roman Hill Catworth Norman Cross Coton Upware Cardinal's Green Burrough Green Great Raveley Mepal Chapel End Ferry Hill Ramsey Mereside Park End Fulbourn Bluntisham Newton Folksworth Norwoodside Ashton Fen Ditton Pampisford Ely Staughton Green Longthorpe Chittering Lode Willingham East Perry Hildersham Haddon Gorefield Burrough End New Fletton Kingston West Perry Guyhirn Gull Newborough Bunker's Hill Stow Longa Purls Bridge Southoe Haddenham Haddenham End Field Turves Bourn Soham Cotes Alwalton Green End Dillington Horningsea Longstowe Duck End Collett's Br Offord Cluny Bury Littleport Linton Islands Common Eye Eastrea Hardwick Little Shelford