Capital Gains Tax in Tursdale

Get in touch

Capital Gains Tax Advice in Tursdale

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