Capital Gains Tax in Kelstern

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Capital Gains Tax Advice in Kelstern

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 Kelstern (Lincolnshire)

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Bicker Bar Cumberworth Maltby Sutton Crosses Horbling Fenton Nettleton Top Barrow Haven Galley Hill Camp Frithville Dawsmere Southrey Spittlegate Easton Cuxwold Gelston Sandholme East Lound Irnham Ludney Little Hale Colsterworth Canwick Caythorpe Beelsby Beckingham Frith Bank Bunker's Hill Redbourne Gayton le Wold Thornton le Moor Little Ponton Croxby West Barkwith Ulceby Skitter Oxcombe Stainfield Wrangle Bank Burwell Leverton Highgate Sutton East Ravendale West Willoughby Kelfield Farforth Grantham Marston Habrough Woodnook Amcotts Gayton le Marsh Fleet Hargate Tetney Lock Nunsthorpe South Thoresby Martin Dales Cawthorpe Laceby Burton Stather Scrafield Wellow Skendleby Irby in the Marsh Culverthorpe Lea Guthram Gowt Scartho Brotherhouse Bar Bleasby Riseholme Little Wisbeach Winteringham Holland Fen Toby's Hill Haxey Addlethorpe Tumby Woodside Thornton Wrangle Scotton Woolsthorpe By Belvoir Markby Witham St Hughs Louth Northorpe Langton by Wragby Scampton Holbeach Fosdyke Newton by 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End Wainfleet Tofts Wargate Scunthorpe Martin Peak Hill Burton-by-Lincoln Aisthorpe Coleby Walesby Bonby Hainton Wickenby Little Common Lincoln Cowbridge Edenham Scrub Hill Haceby North Somercotes Wainfleet Bank Torksey Melton Ross Walmsgate Potterhanworth Low Barlings Hoffleet Stow Gunthorpe Wootton Greetwell Glentworth Holton cum Beckering Skillington Hop Pole Keal Cotes Lower Bassingthorpe Dogdyke Bigby Coates Ketsby Bullington Moorhouses Messingham Whisby Benington Sea End Habertoft Barkston Marshchapel Ewerby Blyborough Epworth Turbary Listoft Crowland Ashby cum Fenby Cold Hanworth Thornton Curtis Bottesford Great Coates Goulceby Bracon Doddington Old Leake East Kirkby Burgh on Bain Sapperton Walesby Grange Manor Hill Corner Kelby Brigsley Hanthorpe Wyberton Raithby Gedney Dyke Stainfield Winceby Wharton Panton Scothern Spalding Scotland Northorpe Brandy Wharf Denton Osgodby Foston Saltfleetby St Peter North End Hatcliffe Moulton Chapel Saltfleetby All Saints Mablethorpe Ailby 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Cockerington Asterby Authorpe Row Hogsthorpe Rimac Saxby East Barkwith Pode Hole Morton Great Steeping Fosdyke Bridge Wold Newton Woodhouse Croxby Top Westwoodside West Marsh Swayfield Westby Maidenwell Newtoft Thorpe on the Hill Caenby Halton Fenside Will Row Windsor Keisby Haugh Three Bridges Great Limber East Keal Ashby Puerorum Willoughby Asperton Broadholme Manthorpe Waddington Ashby de la Launde Sturton by Stow Great Ponton New Waltham Tumby Eagle Barnsdale Holbeach St Johns Biscathorpe Covenham St Mary Fillingham Normanby le Wold Bilsby Saleby Austen Fen Holme Hill Chapel Hill Thimbleby Aswardby Swaby Burnham West Rasen Ruckland Boston Long Hedges Little Coates Ingham Ruskington Hilldyke Normanton-on-Cliffe Holton le Clay Lade Bank South Cockerington Well Sibsey Fen Side Great Tows The Willows Beltoft Obthorpe Lodge Langton Miningsby Barlings Swallow South Ferriby Sutterton Dowdyke East Ferry Pickworth Hawthorn Hill Barholm Buslingthorpe Dyke Hibaldstow Skeldyke Carlby Great 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