Capital Gains Tax in Lowthorpe

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Capital Gains Tax Advice in Lowthorpe

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.

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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.

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We cover Lowthorpe (East Riding of Yorkshire)

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