Capital Gains Tax in Field's Place

Get in touch

Capital Gains Tax Advice in Field's Place

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 Field's Place (Herefordshire)

Get in touch

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


Skip to

Gallery

Other locations available for capital gains tax
Canon Frome Ridgeway Cross Bradnor Green Westhide Elsdon Birchend Wood End Rotherwas Weston under Penyard Letton Barnfields Lower Hardwick Tram Inn Lower Breinton Riddle, The Bleak Acre Burley Gate Little Birch Hopley's Green Yarsop Shirl Heath Limebrook Ashley Moor Michaelchurch Eau Withington Wylde Stoke Lane Bosbury Stony Cross Almeley Wootton Staunton on Arrow Flaggoners Green Bradlow Netherton Headbrook Huntington Floodgates Kington Beavan's Hill Moreton Jeffries Upper Sapey Loxter The Knapp Ledicot Green Crize Brelston Green Lulham Burcher Bodenham Moor Meadow Green Howton King's Caple Newton Norton Canon Clodock Upper Hamnish Wormbridge Common Stowe Tupsley Brinkley Hill Dancing Green Falcon Sutton Marsh Lower Burton Bowley Town Tumpy Lakes Moccas Holme Lacy Wellington Heath Bridge End Moorcot Bridstow Combe Old Wharf Kinton Upper Town Tretire Woonton Lower Southfield Sutton St Nicholas Alder's End Swainshill Franklands Gate Cholstrey Bredenbury Barton Court Allensmore Putson Pow Green Lower Harpton Clifford Middleton on the Hill Byton Hand Shutton Orleton Brinsop Durlow Common Bowley Lane Fox Hill Westfields Callow Marsh Stoke Lacy Adforton Coddington Willersley Ullingswick Turkey Tump Vowchurch Hom Green Poolmill Stanley Hill Evesbatch Holme Marsh Sollers Hope Shenmore Dinedor Cross Wymm, The Portway Coughton Hill Gate Tedstone Wafer Much Cowarne Eastwood Ashton Cross Llyde Eardisley Cockyard Bircher Aulden Weston Upper Dormington Brobury Fiddler's Green The Rhydd Hinton Sunset Munderfield Row Pen-y-Park Upcott Kingstone Kerry's Gate Calver Hill Tyberton Rushall Bartonsham Acton Green Great Doward Much Marcle Kiln Green Ebnall Mathon Aylton Westbrook Golder Field Blakemere Comberton Mordiford Hurstley Glewstone Lower Town Ross-on-Wye Old Forge Sarnesfield Bredwardine Newton Shucknall Swinmore Common Berrington Green Tarrington Urdimarsh Collington Mansell Gamage Walterstone Paradise Green Stoke Cross Flintsham Hungerstone Burghill Putley Green Broad, The Bringewood Forge Ganarew Bull's Hill Dormington Upper Buckenhill Kymin Little Dewchurch Weaven, The White Stone Rhydspence Kinnersley Hoarwithy Even Pits Whitchurch Ludstock Ballingham Grove Little Cowarne Prior's Frome Upton Bishop St Owen's Cross Lower Maes-coed Brampton Bryan Acton Beauchamp Weobley Munderfield Stocks Bridge Sollers Almeley Wootton Upper Broxwood Llancloudy Eaton Crizeley Millhalf Bodenham Bank Ruckhall Moreton on Lugg Halmond's Frome Mortimer's Cross Lugwardine Archenfield Baysham Goodrich Winforton Tedstone Delamere Woolhope Cockshoot Lower Grove Common Upper Welson Portway Sutton Lakes Bacton Ledbury Broadway Lands Whitton White Cross Knapton Green Tidnor Lower Broxwood Lyne Down Maund Bryan Five Bridges Wharton Moreton Aylestone Hill Winnal Yarkhill Pen-allt Cobhall Common Perton Meer Common Garway Eyton Old Gore Marston Penguithal Burmarsh Checkley Richards Castle Ballingham Hill Huntington Rodd Hurst Leinthall Earls Monmarsh Altbough Bullinghope Yazor Crow Hill Brinsop Common Leysters Chance's Pitch Rowland's Green Upper Colwall Fawley Chapel Birtley Bycross Pipe Aston Penrhos Berrington Fownhope Peartree Green Grendon Bishop Bromsash Wilton Upper Maes-coed Lawton Sollers Dilwyn Vowchurch Common West Lydiatt Grendon Green Upton Crews Humber Marsh, The Carey Putley Llanveynoe Stretford Court Panks Bridge Luston Hereford Moorhampton Enmore Field Byford Madley Orcop Hatfield Waller's Green Kingstone Kilpeck Knill Pipe and Lyde Bolstone Stockton Hagley Uphampton Titley Foxley Hales Bank Lane End Sellack Little Doward Bodenham Clehonger Little Hereford Turnastone Broad Oak Rushock Sutton St Michael Holmer Widemarsh Totnor Arrow Green Kingsland Woolhope West Town Canon Pyon Newman's Place Lucton Clock Mills Callow Hill Hope under Dinmore Lower Kinsham Ashfield Little Tarrington Crocker's Ash Hope's Rough Upper Lyde Munstone Pembridge Mansel Lacy Bush Bank Sugwas Pool Merbach Canon Bridge Lea Line Merrivale Welsh Newton Common Lower Egleton Tillington Broomy Hill Longtown Steen's Bridge Priory Wood Marston Stannett Linton Hillhampton Highway Greenhill Marlas Staunton on Wye New Mills Stony Cross Storridge Stoke Hill Craswall St Margarets Westfield Crumpton Hill Eye Hamnish Clifford Marstow Upper Hergest Ford Llanwarne Staplow Wayend Street Golden Valley Wilson Wellington Lower Hergest Batchfields Little Gorsley Old Country Shelwick Green Moor Park Monkhide Norbridge Woonton Wormbridge Wacton Didley Lower Buckenhill Colwall Stone Blacklands Leinthall Starkes Saffron's Cross Michaelchurch Escley Tillington Common Preston Wynne Cross Keys Wootton Horseway Head Much Birch Bishon Common Forge, The Byton Bromyard Pixley Trumpet Castle Frome Monkland Croft Nutfield Wofferwood Common Kimbolton Ruxton Green Little Hill Treaddow Wyson Coxall Westhope Chickward Dinedor Churchfield Bagwyllydiart Marden Thornbury Ashperton Wormelow Tump Brierley Whitbourne Crick's Green Preston Marsh Credenhill Shobdon Bishopstone Upper Egleton Easthampton Sellack Boat Felton Stansbatch Field's Place Amberley Kingswood Wynds Point Dilwyn Cradley Hampton Bishop Yatton Ham Green Stanford Bishop Ryelands Aston Crews Marlbrook Combe Moor Putley Common Woods Eaves Thruxton Lower Todding Clencher's Mill Eardisland Burrington The Fording Wigmore Newtown Newton Sapey Bridge St Weonards Walford Gorsley Common Ivington Pontshill Abbey Dore Little Marcle Kivernoll Three Ashes Upper Breinton Colwall Whitechurch Maund Little Merthyr Moorend Cross Elms Green Kingsfield Lea Green Lane King's Thorn Breinton Common Leominster Hildersley Cock Gate Lower Lye Larport Dodmarsh Winnal Common Phocle Green Welsh Newton Bringsty Common Stretford Stagbatch Kentchurch Hole-in-the Wall Callow Birley Venn's Green Middleton Wolferlow Hampton Park Symonds Yat Withington Harewood End Brand Green Stretton Sugwas King's Acre Pencraig Tudorville Bearwood Pudleston Brockmanton Letton Elton Tarrington Common Ewyas Harold Stoke Prior Strangford Bartestree Gosford Yarpole Ruxton Broadmoor Common Stretton Grandison Upper Grove Common Lugg Green Rudhall Covender Auberrow Brimfield Hardwicke Parton Gilfach Eastnor Walford Aston Greytree Newton Field The Bage Hunderton Haven Upper Kinsham Docklow Ladyridge White Rocks Weobley Marsh Catley Southfield Bowley Llangrove Stoke Edith Warham Rodd Brampton Abbotts Brockhampton Fromes Hill Pool Head Pencombe Red Hill Munsley Hyde Bromyard Downs Fine Street Sapey Common Newtown Grafton Cleaver, The Cockshoot Lyonshall Orcop Hill Whyle Rowlestone Stoneyard Green Ocle Pychard Haven Foy Moors, The Weston Beggard Kerne Bridge Bishops Frome Marlow Sallys Eign Hill Upper Hill Linley Green Linton Hill Edvin Loach Perrystone Hill Whitney-on-Wye Parkway Veldo Leintwardine Shelwick Nash Lower Bearwood Holywell Clouds Preston on Wye Middle Maes-coed Beggars Ash Pontrilas Stapleton Common Hill Twyford Common Vauld, The Kynaston Lyde Cross Edwyn Ralph Bicton Goose Pool Crozen Monnington on Wye Much Dewchurch Wynn's Green Hales Wood Lower Welson Llangarron Pikestye Nextend Cusop Litmarsh Hawkersland Cross Peterstow Hundred, The Leys Hill Grittlesend Cobnash Brilley Snodhill Birchall Colwall Green Upper Hardwick Buckton Orleton Common High Lane Elton's Marsh Barons' Cross Grantsfield Fromington Crossway Red Rail Garway Hill Lower Bullingham Risbury Dorstone Eaton Bishop How Caple Byford Common Upper Lye Cornett Aston Ingham Evendine Aymestrey Walker's Green Kenchester Hope Mansell King's Pyon Wormsley Peterchurch Lingen Blackmarstone Stocking