Capital Gains Tax in Bedburn

Get in touch

Capital Gains Tax Advice in Bedburn

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 Bedburn (County Durham)

Get in touch

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


Skip to

Gallery

Other locations available for capital gains tax
Middlestone Moor Denton Garmondsway Tantobie Barningham Ludworth The Middles Shildon Station Town Holwick Sockburn Laithkirk Wingate Sherburn Grange Pittington Urlay Nook Thorpe Larches Burnhope Easington Sadberge Haswell Lanehead Brierton Bradbury Grange Hill Etherley Dene Cockfield Quarrington Hill Wolviston Escomb Kip Hill Parkside Metal Bridge Great Stainton East Law High Urpeth West Rainton Horden South Hetton Rift House Greatham Edmondbyers Startforth Crimdon Park Hury Beamish Brignall Dean Bank Thornaby-on-Tees Aykley Heads Houghton-le-Side Consett Grindon Oxhill Deaf Hill Greenhill High Forge Waldridge Cassop White-le-Head Hurworth Place Westgate High Hesleden Bishopton Old Cassop Framwellgate Moor Kirk Merrington Portrack Sacriston Bishop Auckland Middleton St George Eastgate Hedley Hill South Pelaw Embleton Brotherlee Dawdon Sunniside Bildershaw Langton New Kyo Sedgefield Western Hill North End Middlestone Dalton-le-Dale Quaking Houses New Brancepeth Langley Park West Butsfield Delves Satley Harelaw Lumley Thicks Winston Billy Row Snaisgill Kelton Rushyford Little Stainton West Cornforth Houghton Bank Elstob Skerne Park Green Head Kimblesworth Hummersknott Whinfield Owton Manor Broompark Sheraton Lartington Whorlton Low Coniscliffe Lintzgarth Longnewton Medomsley Waskerley South Side Crookhall Cornforth Fir Tree Lanchester Hilton Hill Top Cowshill Middle Side Heighington Chilton Lane Wycliffe Esperley Lane Ends Cold Hesledon Croxdale Stockton-on-Tees Fulthorpe Copthill Butterwick Greta Bridge Scargill Toronto Horsleyhope Tanfield Branksome Newton Ketton Deneside Brafferton Grange Villa Broom Hill Newton Bewley Hunderthwaite Moorside Brancepeth Cornriggs Westerton Bowburn Great Burdon Lingfield Firth Moor Mount Pleasant Billingham Bowlees Haverton Hill Gilmonby Frosterley Redmarshall High Friarside Castleside Willington Coxhoe Shotton Colliery Pelton Fell Witton Park Cotherstone Thorpe Thewles Eden Vale Wearhead Nevilles Cross Ramshaw New Ho Templetown Morley Toft Hill Rookhope High Grange Trimdon Colliery High Stoop Low Etherley Gainford Northlea Tow Law Edmondsley Newlands Bedburn Witton-le-Wear Hartlepool Norton St Helen Auckland Evenwood Cornsay Colliery High Etherley Morton Tinmouth Evenwood Gate Bollihope Sherburn Hill Causey Harrowgate Village Newbiggin Bearpark Low Dinsdale Kirklevington Esh Winning Waterhouses Chester-Le-Street Hardwick Leasingthorne Great Lumley Dalton Piercy The Headland Shadforth Walworth Seaton Carew Stanhope Lintz Black Banks Harwood Coatham Mundeville New Hunwick West Kyo Hill Top High Coniscliffe Tudhoe Grange Mordon Preston-le-Skerne Leamside Phoenix Row Maltby Hesleden Boldron Benfieldside Haswell Plough Muggleswick Ramshaw Piercebridge Stanley Crook West View South Moor Iveston Roddymoor Hobson Catchgate Hartburn Chilton Royal Oak Ushaw Moor Coal Bank Ettersgill Fleming Field Roseworth West Auckland East Kyo Chester Moor Bridge End Meadowfield Woodside Darlington Staindrop Newfield Urpeth Seaham Elwick Byers Green Langdon Beck East Blackdene Newbiggin Haughton Le Skerne Whinny Hill Rise Carr West Blackdene Ebchester Merrybent Coundon Hunwick Upper Town Langley Moor Dene, The Hilton Annfield Plain Perkinsville Thornley Tanfield Lea Boltshope Park Tursdale Mainsforth Durham Thringarth Middleton Carrville Ferryhill Egglesburn Aycliffe Village Sunny Brow Ferryhill Station Shincliffe Low Westwood Redworth Leadgate Middridge Tan Hills West Pelton Cowpen Bewley Littletown Carlton Hamsterley Westwick South Church Little Thorpe Harperley Aukside Hallgarth Ovington Brandon Daddry Shield Allensford Knitsley West Lea Blackhill Barmpton Spennymoor Harrowgate Hill Ouston Great Chilton Hutton Magna Cockerton Murton Hart Station West Pasture Moor End Sunderland Bridge Mickleton Eldon Lane Eggleston Eastbourne Clough Dene The Grove Holmside Sheep Hill Wynyard Village Pelton Monk Hesleden Copley Leeholme Stony Heap Beaumont Hill Port Clarence Bishopsgarth Belmont Kelloe Bridgehill Coundon Grange Dipton South Stanley Bournmoor Kinninvie Castle Eden Yarm Greencroft Craigside Cleatlam Wall Nook Killerby Stanley Foxton Eldon Romaldkirk Eaglescliffe Hett Summerhouse Little Newsham Pickering Nook New Coundon Townfield Witton Gilbert Dent Bank East Stanley Woodland Blackwell Pity Me North Close Hutton Henry Woodham Fairfield Healeyfield High Handenhold Faverdale Stainton Oak Tree Burnopfield Plawsworth Bishop Middleham Wheatley Hill Todhills Maiden Law Blackhall Colliery Blackhall Rocks Thinford Shotton High Throston Peterlee Wolsingham Elvet Hill Quebec Newton Hall Helmington Row East Hedleyhope High Westwood Shield Row Crook Carlbury Old Eldon Bowes Gilesgate Moor Hill Top Nettlesworth Sandy Carrs Cornsay Crawleyside Archdeacon Newton High Leven Stillington Page Bank School Aycliffe Ireshopeburn Forest-in-Teesdale Newton Aycliffe Elton Mowden Flint Hill Hurworth-on-Tees Tudhoe Aislaby Hunstanworth Fishburn East Briscoe Ornsby Hill Old Quarrington Howden-le-Wear Mount Pleasant Egglescliffe Bowbank High Haswell Preston-on-Tees Walworth Gate Whitton Hamsterley Oakenshaw Esh Tindale Crescent Wackerfield Haswell Moor Old Stillington West Park Sherburn North Bitchburn Binchester Blocks Old Wingate St John's Chapel Easington Colliery Running Waters Trimdon Shotton Butterknowle High Dyke Headlam Craghead Crookgate Bank Shotley Bridge Slack, The Thorpe Coundongate Middleton in Teesdale Bolam South Wingate Thornley Hart Lowes Barn Town Kelloe Neasham Inkerman Gilesgate Hawthorn Close House Newfield Hill End High Shincliffe Trimdon Grange Rainton Gate Barnard Castle Ingleton Middleton One Row Seaton