Capital Gains Tax in Upper Norwood

Get in touch

Capital Gains Tax Advice in Upper Norwood

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 Upper Norwood (London)

Get in touch

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


Skip to

Gallery

Other locations available for capital gains tax
West Brompton Crews Hill Shirley Hainault Belmont St Johns Ruislip Common Barwell Regent's Park Southall Oakleigh Park Wennington Coldblow Kingston Upon Thames Twickenham Westminster Higham Hill Spring Grove Hornchurch Wandsworth South Street Woodford Green South Ruislip Heston Tower Gardens Barnsbury Longlands Park Royal Kidbrooke Brentford Osidge Maida Vale Wood End Green Eastcote Village Morden Park South Tottenham Barnet Gate Addington Greenford Ruislip Manor Mitcham Northwood Hills Colindale Shacklewell Berrylands Canonbury Coulsdon Honor Oak Northolt Newyears Green Emerson Park Stratford New Town Gospel Oak Friern Barnet Seething Wells Highwood Hill Whitechapel Shooters Hill Northwood Barnet Barnes Hayes Rush Green Woodside Park Lee Harold Hill Norwood Green Haggerston Cubitt Town Pinner Green Lessness Heath Blackheath Harmondsworth Cranbrook Upper Clapton Corbets Tey South Croydon Soho New Cross Gate North Kensington Croydon Holders Hill Nunhead Kensington East Finchley Tottenham Grove Park Bromley Blackfen Perivale South Hampstead Dalston Upper Walthamstow Brixton Harrow Beckenham East Dulwich Brimsdown West Acton Queensbury Upton Park Hornsey Vale Grove Park Hackney Wick Lower Place Hammersmith Ramsden Acton Green Hatton Tooting Graveney Hatch End Woodford The Wrythe Blackheath Park Forty Hill West Ham Aldborough Hatch Crouch End Rosehill Elmers End Elm Park Foots Cray New Charlton Brompton Tottenham Hale Shortlands Hornsey Cudham Welling Hadley Wood New Addington Biggin Hill Willesden Green South Harefield Harrow on the Hill Lisson Grove Whitton Gunnersbury Pinner Foxbury Harold Park Tulse Hill Millwall Clock House Bandonhill Barkingside Canning Town Notting Hill Carshalton on the Hill Southborough North Acton Hounslow Fairlop Nine Elms East Ham Aldersbrook South Wimbledon Eltham Highbury Sutton Collier Row Woodlands Berry's Green Roundshaw Strawberry Hill Walham Green Edmonton Wapping London Park Langley Lewisham South Hornchurch Morden Crayford Southborough Dollis Hill Horns Green Ardleigh Green East Acton St Luke's West Kensington Wallend Sudbury Headstone Ilford Wanstead Woodford Wells Chessington Thornton Heath Collier's Wood Chadwell Heath North Harrow St Margarets Pentonville Broad Green West Kilburn Stepney Preston North End Russell Hill Pimlico College Park Orpington Kilburn Putney Heath Chislehurst West Kenton Copse Hill Waddon St Giles Woodford Bridge St Pancras Shepherd's Bush Norwood New Town Aperfield Walthamstow Upton Havering-atte-Bower Brook Green Stamford Hill Rowley Green Rainham Camden Town Southend Rushmore Hill Muswell Hill Bedford Park North Woolwich Chelsfield Marks Gate Hanwell Child's Hill New Southgate Kingsbury Hayes Town Barnehurst Arkley Elmstead Somers Town Summerstown Fullwell Cross Cricklewood Bermondsey Woodside Botany Bay Selsdon Manor Park Eden Park South Bromley Goodmayes Downe West Ruislip Knight's Hill Wealdstone Dagenham Dudden Hill Broom Hill Honor Oak Park Burnt Oak Cowley Upper Norwood Osterley Grange Park Hackney New Beckenham South Acton Fair Cross Richmond Limehouse Upper Sydenham Wembley Church End Bexley Wimbledon Little Ilford Noel Park Old Bexley Finsbury Park New Eltham Stratford Marsh Dulwich Ruislip Gardens Greenhill Dormer's Wells North Ockendon Penge Sidcup High Barnet Beddington Merton Anerley Bow Common Whetstone Lampton Ham Neasden Hampstead Winchmore Hill Brondesbury Bell Green Woodcote Chingford Green Woolwich Chiswick West Hampstead West Green Kensal Rise Harefield Grove Camberwell De Beauvoir Town Upper Tooting Chelsea Bowes Park Becontree Northumberland Heath Leaves Green Barnes Cray Lambeth Hoxton Cole Park Harlington Belgravia Kenley Charlton Blackwall Shoreditch Ruxley North End South Hackney Plaistow Vale of Health Stockwell Freezy Water Ealing Woodcote Green Enfield Wash Upper Shirley Shadwell Pratt's Bottom North Hillingdon South Kensington Carshalton Beeches Harefield Totteridge Castle Green North Wembley Underhill Forestdale World's End Spring Park Islington Upminster Spitalfields Ruislip Ickenham Plashet Clayhall Slade Green Hampton Hill Fortis Green Upper Elmers End Harrow Weald Creekmouth Redbridge Newbury Park Parsons Green Hockenden Tolworth Highgate Luxted Streatham Vale Roehampton Temple Mills South Harrow Coney Hall Barking Westbourne Green Abbey Wood Acton Dartmouth Park St George in the East Hampton Bayswater Uxbridge Moor Erith Marylebone Custom House Hayes Silvertown Old Malden Downham Herne Hill Mortlake New Barnet Sands End St John's Wood Hackbridge Leytonstone Maitland Park Deptford Hadley Norbiton Furzedown Plaistow Derry Downs Hacton Keston Mark Sanderstead Chingford Hatch Hither Green Peckham Cranford Hayes End Wallington West Heath Alperton North Feltham Hounslow West Chase Cross St Mary Cray Little Stanmore North Finchley Hook Seven Kings Wandle Park Church End Eastcote Merton Park Forest Gate Wembley Park West Norwood Green Street Green St Paul's Cray Stanmore Mill Meads Teddington Bulls Cross Mount Pleasant Cowley Peachy North Cray Stoke Newington Clay Hill Enfield Town Enfield Highway North Cheam Sipson Tufnell Park Edgware Cheam Bushey Mead Bromley Earl's Court Lower Sydenham Ponders End West Hill Colney Hatch Rayners Lane Mill Hill Yeading Chislehurst Nash Belmont West Barnes Widmore Kingston Vale Cottenham Park Harold Wood Feltham Forest Hill Oakwood Hale End Homerton The Borough Lower Holloway Keston Hanworth Isle of Dogs Chipping Barnet Colham Green West Dulwich West Hendon Old Ford Palmers Green Walworth Eastbury West Ealing New Malden South Norwood Streatham Hill Beddington Corner Monks Orchard Cockfosters East Barnet Isleworth East Sheen Fulham Purley New Cross Bethnal Green Selhurst North Hyde Brondesbury Park Goddington Lower Edmonton Motspur Park Longford Newington Cranham Snaresbrook Heath Park Poverest Poplar Petts Wood Lea Bridge North Sheen Vauxhall Stonebridge Clerkenwell Paddington Harlesden St Helier Lower Feltham Hampstead Garden Suburb Enfield Carshalton Welsh Harp Monken Hadley Crofton Little Heath Coombe West Harrow Norbury Upper Holloway Kensal Green Uxbridge Finchley Kingsland Canons Park Putney Vale Bellingham Locksbottom Noak Hill Old Oak Common Bromley Park Knightsbridge Balham Ducks Island Bexleyheath Ratcliff Surbiton Petersham Malden Rushett Hill End Maypole Harringay Hillingdon Heath Yiewsley The Hyde Willesden South Lambeth Earlsfield Kennington Benhilton Strand Hazelwood Brentford End Leyton Highams Park East Bedfont Hillingdon Tokyngton Addiscombe Plumstead Common Thamesmead Farnborough Greenwich Streatham Southgate Chingford Putney Roxeth Cranley Gardens Plumstead Bow Kensal Town Falconwood Coldharbour South Beddington Clapton Park Crooked Billet Golders Green Loxford Mayfair Raynes Park Primrose Hill Mile End Battersea Friday Hill Wood Green Enfield Lock Globe Town Holborn Bickley Kentish Town South Woodford West Wickham Little Woodcote West Drayton Streatham Park Rise Park Rotherhithe Dulwich Village Gallows Corner Brunswick Park Bush Hill Park Gidea Park Bromley Common Finsbury Gants Hill Clapham Park Pinnerwood Park Kevingtown Bloomsbury Catford Hendon Southfields Romford Avery Hill Lower Clapton Belvedere Clapham Sundridge Mottingham Upper Edmonton Worcester Park East Wickham Beckton Holdbrook St James Old Coulsdon Ladywell Kew Stroud Green Hampton Wick Brockley Stratford