Capital Gains Tax in Turnastone

Get in touch

Capital Gains Tax Advice in Turnastone

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