Capital Gains Tax in Little Hereford

Get in touch

Capital Gains Tax Advice in Little Hereford

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