Capital Gains Tax in Mountsorrel

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Capital Gains Tax Advice in Mountsorrel

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.

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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.

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We cover Mountsorrel (Leicestershire)

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