Capital Gains Tax in Kibworth Beauchamp

Get in touch

Capital Gains Tax Advice in Kibworth Beauchamp

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 Kibworth Beauchamp (Leicestershire)

Get in touch

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


Skip to

Gallery

Other locations available for capital gains tax
Foston Asfordby Hill Snarestone Sapcote Cadeby West Langton Elmesthorpe Thurnby Newbold Thurlaston Hinckley Willoughby Waterleys Fleckney Peggs Green Enderby Ibstock East Norton Misterton Laughton Old Dalby Blaby Heather Wellsborough Shellbrook Desford Little Bowden Thrussington Cold Newton Barwell Botcheston Bottesford Stoney Stanton Smockington Newbold Heath Wymeswold Norris Hill Narborough Great Dalby Wigston Magna Redmile Brooksby Bufton Dishley Barkby Chilcote Mowsley Castle Donington Wartnaby Ratcliffe Culey Knighton Fields Muston Thorpe Acre Upper End Thornton Rothley Lowesby Stretton en le Field The Woodlands Osgathorpe Burbage Evington Buckminster Rotherby Church Langton John O'Gaunt South Kilworth Ashby Folville Kirby Bellars Skeffington Kibworth Beauchamp Saxby Hollycroft Leicester Teigh Branston Eastwell Copt Oak Glooston South Croxton Barkestone-le-Vale Kirby Fields Little Dalby Swannington Houghton on the Hill Pinwall Knossington Crown Hills Ullesthorpe Albert Village Fenny Drayton Nether Hall Barton in the Beans Rolleston Rothley Plain Twyford Atterton Normanton Dunton Bassett Loddington Carlton Great Glen Claybrooke Parva Aylestone Spinney Hills Stockerston Earl Shilton Potter Hill Husbands Bosworth Normanton Turville Knaptoft Thurcaston Barrow upon Soar Thorpe Arnold South Knighton Stathern Heath End Sheepy Parva New Swannington Sproxton Diseworth Sileby Queniborough Cossington Nailstone Burton on the Wolds Tonge Kibworth Harcourt Wykin Welham Long Clawson Coston Drayton The Cross Hands Worthington Ringing Hill Knipton Glen Parva Scalford Isley Walton Cavendish Bridge Noseley North Evington Cotesbach Bilstone Scotland Humberstone Stapleton Mountsorrel Wigston Potters Marston Whetstone Upper Bruntingthorpe Ratcliffe on Soar Newbold Verdon Cosby Nether End Frisby Walton The Brand Newbold Broughton Astley Thringstone Ratcliffe on the Wreake Blackfordby Wilson Goadby Kimcote Normanton le Heath Burrough on the Hill Bescaby Markfield Belgrave Belcher's Bar Freeby Goadby Marwood Red Hill Hathern Kirby Muxloe Church Town King's Mills The Valley Newton Harcourt Groby Sutton Cheney Thurmaston Stoughton Clipsham Farm Town Stoke Golding Ashby Parva West End Bondman Hays Wanlip Great Stretton Hoby Croxton Kerrial Wigston Magna Easthorpe Eaton Holwell Braunstone Town Medbourne Coalville Merry Lees Market Overton Stonesby Burton Lazars Shearsby Kirkby Mallory Brentingby Anstey Newton Burgoland Illston on the Hill Shenton Coleorton Griffydam Higham on the Hill Keyham Harby Theddingworth Cropston Peatling Parva North Kilworth Peckleton Aylestone Park Nether Broughton Broughton Lodges East Goscote Measham Wycomb Hemington Shelthorpe Quorn or Quorndon Woodhouse Eaves Appleby Parva Bruntingthorpe Gelsmoor Clarendon Park Newtown Linford Carlton Curlieu Orton-on-the-Hill Shawell Greenhill Norton-Juxta-Twycross Woodhouse Newtown Unthank Claybrooke Magna Breedon on the Hill Harston Gilmorton Brascote Hallaton Thorpe Satchville Birstall Ab Kettleby Queensway Old Dalby Frisby on the Wreake Willesley Appleby Magna Wymondham Lount Allexton Upton Eyres Monsell Osbaston Hollow Scraptoft Twycross Beaumont Leys Cotes Packington Saltby Slawston Halstead Far Coton Pickwell Osbaston Leesthorpe Coleorton Moor Market Harborough Rushey Mead Stonton Wyville Garthorpe Dadlington Peatling Magna Sutton in the Elms Ellistown Waltham on the Wolds Billesdon Little Orton Marefield Walton on the Wolds Shackerstone Barkby Thorpe Swinford Walcote Blaston Bringhurst Leire Gaulby North End Scotland Oaks in Charnwood Hunt's Lane Field Head Saddington Sheepy Magna Belvoir Little Twycross Donisthorpe Bushby Barlestone Ratby Tugby Saxelbye Huncote Countesthorpe Long Whatton Gumley Knighton Battram Wyfordby Shangton Melton Mowbray Sharnford Sibson Ashby Magna Grimston Wistow Belton Witherley Snibston Croft Kegworth Spring Cottage South Wigston Agar Nook Westcotes Hungarton Smeeton Westerby Ravenstone Cranoe Edmondthorpe Oakthorpe Stapleford Chadwell Moira Donington le Heath Sketchley Glenfield Syston Mowmacre Hill Congerstone Kilby Bridge Littlethorpe Owston Leicester Forest East Swepstone Lutterworth Ashby-de-la-Zouch Lubenham Outwoods Care Village Great Bowden Beeby Horninghold Thorpe Langton Shepshed Tilton on the Hill King's Norton Whitwick Foxton Shoby Ragdale Odstone Gaddesby Quorndon or Quorn Great Easton Somerby Bagworth Highfields Primethorpe Burton Overy Arnesby Hose Sewstern Stanton under Bardon East Langton Kilby Catthorpe Frolesworth Cold Overton Oadby Lockington Asfordby Western Park Market Bosworth Aston Flamville Seagrave Money Hill Plungar Bardon Bitteswell Rearsby Little Stretton New Parks Hugglescote Nanpantan Tur Langton Loughborough Stoneygate Woodthorpe Hoton Prestwold Swithland Six Hills Barsby Wigston Parva