Capital Gains Tax in Cloughfold

Get in touch

Capital Gains Tax Advice in Cloughfold

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 Cloughfold (Lancashire)

Get in touch

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


Skip to

Gallery

Other locations available for capital gains tax
Standen Hall Brown Edge Mere Brow Tardy Gate Cow Hill Newsholme Hud Hey Farington Salterforth Newburgh Anchorsholme Lumb Lane End Nether Burrow Howick Cross Stanley Gate Andertons Mill Cumeragh Village Sherfin Runshaw Moor Middleforth Green Height End Howgill Barrow Nook Morecambe Broad Clough Skelmersdale Tottleworth Hesketh Lane Blackburn Middleton Hutton Catterall Whitworth Brookhouse Haighton Top Much Hoole Moss Houses Colne Edge Potters Brook Warton Bank Hoscar Cleveleys Harle Syke Peel Hill Bent Gate Treales Sand Side Queenstown Ulnes Walton Rimington Whitehall Farington Moss Over Town Brindle Brierfield Higher Penwortham Balderstone Hurst Green Little Eccleston Hale Nook Lower Penwortham Altham Cowling Foulridge Bispham Green Grimshaw Hampson Green Rockcliffe Little Moor End Charnock Richard Peel Lane Ends West Bradford Bispham White Lund Hall Green Midge Hall Wheelton Bowker's Green Wheatley Lane Thorpe Green Chorley New Lane Ratten Row Lathom Much Hoole Town Hurlston Tanterton Smithy Lane Ends Grunsagill Feniscliffe Lower Thurnham Little Thornton Green End Downholland Cross Chapeltown Forest Holme Greenhalgh Stopper Lane Hollin Hall Sharneyford Belgrave Bracewell Brinscall Birkacre Hoddlesden Inglewhite Leyland Little Marton Simonstone Black Moor Stydd Hesketh Bank Silverdale Green Hill Dale Revidge Knott End-on-Sea Love Clough Gisburn Waterside Pincock Pleasington Kelbrook Eagland Hill Clifton Over Burrow Crossgill Normoss Rosehill Goodshaw Chapel Ingol Poulton-Le-Fylde Wilpshire Overton Padiham Mellor Cowpe Guide York Pilling Lane Clayton-le-Woods Copster Green Whitewell Hoohill Croston Snape Green Wrayton Carleton Fishwick Dunsop Bridge Mythop Bank Houses Norbreck Earby Aughton Park Marsh Houses Farington Clayton Green Sunderland Street Shaw Green Salesbury Ellel Whin Lane End Ormskirk Osbaldeston Green Great Marton Edenfield Intack Elmers Green Church Fair Oak Fence Edge End Sower Carr Whalley Banks Cold Row Hunger Hill Yealand Redmayne Abbeystead Crawshawbooth Helmshore Borwick Walton-le-Dale Whalley Whittlestone Head Earnshaw Bridge Winmarleigh Moss Whittington Fleetwood Adlington Hest Bank Cuerden Green Red Scar Hall Cross Limbrick Hambleton Downham Mereclough Warbreck Higher Ballam Skerton Stacksteads Bailrigg Five Lane Ends Longton Leck Spring Green Samlesbury Bottoms Brunshaw Layton Cabus Dunnockshaw Roughlee Edgworth White Coppice Tarleton Moss Charnock Green Singleton Higher Audley Copp Little Layton Bottom of Hutton Nab's Head Priest Hutton Weeton Bonds Greave Clayton-Le-Moors Hoghton Bottoms Skippool Aughton Dalton Ireby Twiston Adlington Park Little Bispham Withnell Claughton Reeds Holme Bickerstaffe Bolton Green Laund Hapton Halsall Halton Green Ulnes Walton Rose Grove Lammack Banks Barley Green Burnley Lane Little Singleton Accrington Warton Lightfoot Green Westhead Pilling Mawdesley Hoghton Pool Hey Coppull Bryning Becconsall Walmer Bridge Blacko Bank Hey Woodplumpton Hundred End Heath Charnock Hardhorn Appley Bridge Lancaster Mereside Breedy Butts Wade Hall Lowerford Wesham Clow Bridge West End Cribden Side Common Edge New Longton Hambleton Moss Side Lytham St Anne's Hillock Vale Lower Copthurst High Field The Row New Hall Hey Hawes Side Burnley Lostock Hall Stanhill Yealand Conyers Whittle-le-Woods Higham Great Altcar Smallwood Hey Johnson's Hillock Blacksnape Lowgill Goodshaw Fold Broadfield Cowan Bridge Bamber Bridge Pippin Street Stalmine Sandylands Broughton Mill Hill Ollerton Fold Aughton Elswick Leys Stock Frenchwood Bretherton Clayton Brook Hollins Lane Whalleys Churchtown Wrea Green Chipping Queen's Park Huttock Top Burscough Corner Row Myerscough Chapels Hindle Fold Gressingham Halton Willacy Lane End Samlesbury Abbey Village Barton Smith Green Scotforth Preesall Park Grindleton Worston Marsden Height Galgate Oswaldtwistle Cockden Goosnargh Oakenshaw Brook Bottom Mossy Lea Great Plumpton Heskin Green Lea Wharles Caton Lytham Stodday Scaitcliffe Britannia Great Harwood Townsend Fold Edge Fold Seed Lee Upper Thurnham Burnley Wood Elmslack Higher Bartle Up Holland Ewood Bridge Black Pole Ford Green Caton Green Inskip Kingsfold Lowerhouse Tarlscough Rose Hill Ridge Knowle Green Brockhall Village Barrowford Haggate Lower Ballam Riley Green Bolton Houses Coates Butt Yeats Bank Fold Bolton-by-Bowland Wray Little Poulton St Michael's on Wyre Shirdley Hill Scarisbrick Sharoe Green Balladen Nun Hills Slyne Dam Side Tanhouse Weld Bank Saltcotes Cow Ark Lumb Stanah Woodsfold Shawforth Holden Roseacre Beardwood Freckleton Bare Silverdale Goose Green Lea Town Haslingden Whitechapel Easington Osbaldeston Barrow Lucas Green Fulwood Stalmine Moss Side Winewall Sunnyhurst Pleckgate New Row Grimsargh Gregson Lane Trough Gate Calder Vale Scronkey Earcroft Ewood Lower Darwen Roby Mill Grimeford Village West End Town Centre Scorton Barley Rake Head Rishton Wennington Newby Chatburn Knotts Scale Hall Low Moor Dill Hall Kellamergh Lane Ends Heaton Moss Edge Robin Hood North Shore Holme Slack Crawford Bolton Town End Little Town Little Marsden Worsthorne Wrightington Bar Habergham Wiswell Higher Wheelton Ribby Lane Ends Pickup Bank Bashall Eaves Jack Green Ward Green Cross South Shore White Stake Belmont Sunny Bower Read Turner Green Little Hoole Moss Houses Sollom Top o'th' Lane Higher Croft Tarnbrook Cadshaw Walton Summit Tarleton Marton Moss Side Glasson Cliffe Cottam Matshead Hey Houses Ribchester Great Marton Moss Whiteholme Longridge Heysham Carnforth Melling Ansdell Farleton Milnshaw Blackleach Blackpool Weir Brock Trunnah Chatterton Wallbank Great Mitton Brownside Stubbins Holt Green Broadfield Green Haworth Lomeshaye Crag Bank New Town Much Hoole Boarsgreave Cherry Tree Barber's Moor Parbold Dangerous Corner Chapel House Rising Bridge Haighton Green Tewitfield Garstang Hesketh Moss Dinckley Over Kellet Ashurst Walker Fold Lane Heads Shadsworth Out Rawcliffe Holmes Roe Lee Constable Lee Pudding Pie Nook Hall Green Claughton Spring Hill Primrose Hill Tatham Kirkham Hurstwood Dean Baxenden Bleasdale Skitham Bilsborrow Horton Pennylands Brownhill Great Eccleston Medlar Facit Crossmoor Moor Side Slaidburn Cockerham Grimshaw Green Dowbridge Holland Lees Woodnook Overtown Newsham Withnell Fold Edgeside Larches Ring o' Bells Duncombe Wycoller Torrisholme Arkholme Digmoor Rufford Four Lane Ends Little Plumpton Norcross Higher Heysham Nelson Lower Heysham Newton Nog Tow Higher Walton Grange Penwortham Lane Burscough Bridge Conder Green Holmeswood Cuddy Hill Knuzden Brook Bolton-le-Sands Tunstall Capernwray St Annes Haskayne Elswick Holme Chapel Bacup Lower Bartle Bay Horse Hartwood Cloughfold Whinny Heights Squires Gate Turn Clayton Le Dale Docker Belthorn Riverside Docklands Rawtenstall Bay Gate Wood House Lewth Water Nether Kellet Lane Side Higherford Carr Cross Barton Preesall Bowgreave Euxton Little Carleton Aldcliffe Paythorne Anderton Abraham Heights Oakenclough Warton Thistleton Ribbleton Esprick Westby Millgate Lane Bottom Flax Moss Reedley Newbridge Dolphinholme Hare Appletree Church Clough Roach Bridge Drummersdale Tontine Mowbreck Millhead Scarth Hill Tockholes Goodshaw Newton Cocker Bar Red Bridge Rivington Ortner Pike Hill Coppull Moor Turton Bottoms Stubbins Town Green Hyndburn Bridge Sykes Moor Side Staining Huncoat Fold Head Clitheroe Laneshaw Bridge Sabden Moss Side Tosside Birch Green Waterfoot Higher Hogshead Brookfield Newton Newton with Scales Horrocksford Larbreck Hurlston Green Burn Naze Langho Coup Green Whitebirk Hey Hornby Forton Bescar Cantsfield Staynall Trawden Cadley Little Moor Swillbrook Myerscough Smithy Barnoldswick Thornton Feniscowles High Moor Mellor Brook Irwell Vale Newgate Forest Becks Royal Oak Brookhouse Wymott Nateby Far Banks Billington Moss Side Crag Foot Preston Inskip Moss Side Newchurch Pimlico Sawley Colne Newchurch in Pendle Quernmore Moss Edge Waterloo Waterslack Nethertown Moor End Walk Mill Waddington Heaton's Bridge Whitewell Bottom Hugh Mill Old Langho Eccleston Darwen Little Harwood Cotton Tree Catforth Pendleton Yealand Storrs Pinfold Park Close Broadley Bank Top Blaguegate