Capital Gains Tax in Hive

Get in touch

Capital Gains Tax Advice in Hive

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 Hive (East Riding of Yorkshire)

Get in touch

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


Skip to

Gallery

Other locations available for capital gains tax
Flinton Low Catton Easington Newsholme Rise Adlingfleet Skirpenbeck Everthorpe Skipsea Haisthorpe Patrington Barmby on the Marsh Bolton Hutton Cranswick Burton Fleming Bainton Pocklington Burshill Harswell Bishop Burton Great Hatfield Sutton Ings West End Little Catwick South Field New Arram Newland Broad Ings Catwick Aike Summergangs Asselby Towthorpe Yapham Moor End Brantingham High Hunsley Great Cowden Full Sutton Paull Nafferton Balkholme Molescroft Welham Bridge North Landing Thorngumbald New Village West Park Bentley Hive Thwing Withernwick Hayton Skidby Fraisthorpe Arram Town End Dunswell Woodmansey Riplingham Sutton-on-Hull Bilton West End Kirby Underdale Skirlaugh Kingston upon Hull Coniston Old Ellerby Old Goole Langtoft Preston Blacktoft Gilberdyke West Ella Weel Scalby Burnby Gunby Welwick North End Bubwith North End Rimswell Brough Fangfoss West Carr Little Weighton Leconfield Gipsyville Neat Marsh North Howden Laxton Foggathorpe Faxfleet Foston on the Wolds Out Newton Kirk Ella Fitling Newland Swanland Hurn Humbleton Storwood Scamland Wold Newton Welton Thorpe Great Kendale Elmswell Ulrome Cranswick Crofts, The Burton Pidsea Marton Burstwick West End Harpham Sewerby Aldbrough Aughton Mappleton Little Driffield Holmpton Kilnsea Little Hatfield Ryehill Ellerker Kilpin Halsham Thornton Church End Marfleet Driffield Old Town Inglemire Sculcoates Warter Huggate Ellerton East End Thorpe le Street Ottringham Rawcliffe Bridge Cawkeld Fordon Seaton Sancton Rascal Moor Kilham Saltmarshe Painsthorpe Spittal Newport Skeffling West End Sunk Island Thearne New Ellerby Tibthorpe Grindale Waxholme Snaith Kilpin Pike Barmby Moor Long Riston Stoneferry Bellasize Sledmere Buckton Risby Reedness North Ferriby South End Eppleworth Lockington East Cottingwith Rolston Bewholme Beeford Meltonby Hornsea Rawcliffe Brind Rotsea Boothferry Allerthorpe Gowdall Kingswood East Ella Thornholme Lowthorpe Walkington Knedlington North Cave Flamborough Yokefleet Skerne Skelton Lissett Water End Gembling Hutton Kilnwick Howden Northfield Nunburnholme Camerton North End Highfield Sproatley West Cowick Brandesburton Dunnington Holme on the Wolds Burton Agnes Youlthorpe East Cowick Southburn Roos Winestead Fimber Hedon Hilston Holme-on-Spalding-Moor East Newton High Catton Rudston Breighton Skipsea Brough Boynton Leven Melton Ruston Parva Bishop Wilton Wilberfoss Victoria Dock Village Gardham Danthorpe Goxhill Middleton-on-the-Wolds Hilderthorpe Anlaby Watton Bessingby Broomfleet Little End Thirtleby Staddlethorpe Hessle Wawne Owthorne Owstwick Newton upon Derwent North Cliffe Stamford Bridge Barmston Grovehill Bugthorpe Goodmanham Willerby South Newbald North Frodingham Weeton Willitoft Cottingham Rimswell Valley Anlaby Park North Newbald Ganstead West End Withernsea Hollym Londesborough Lund Little Leven East End Berrygate Hill Wansford Laytham South Dalton Gransmoor Kilnwick Percy Millington Patrington Haven Sand Hole Eastrington Hotham Routh Westhill South Cave West Hill Sutton upon Derwent Pollington Spaldington The Lawns Whitgift Gowthorpe Scorborough Grimston Sigglesthorne North Dalton South Cliffe Wetwang Brigham Kirkburn Great Kelk Bempton Hornsea Burton Wressle Lelley East End Etton Elstronwick Beverley Harlthorpe Arnold Market Weighton Garton-on-the-Wolds Ousefleet Fridaythorpe Salt End Tickton Tunstall Elloughton Atwick Melbourne Seaton Ross Hook Keyingham Upton Cherry Burton West Newton Little Reedness Everingham Bursea Wyton Bielby Sandholme Eastburn The Ings Little Airmyn Bennetland Dringhoe Goole Bridlington Greenoak Carnaby Swine Swinefleet Garton Shiptonthorpe Meaux Beswick