Capital Gains Tax in Thurstaston

Get in touch

Capital Gains Tax Advice in Thurstaston

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 Thurstaston (Merseyside)

Get in touch

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


Skip to

Gallery

Other locations available for capital gains tax
Dingle Waterloo Park Caldy Otterspool Chadwick Green Rainhill Stoops Hillside Sutton Manor Aigburth Liscard Tarbock Green Crossens Belle Vale Brighton le Sands Whiston Cross Speke Bold Heath Hunt's Cross Fiddler's Ferry Old Boston Woodvale Peasley Cross Princes Park Eastham Huyton Sutton Leach Old Swan Landican Parr Nut Grove Norris Green Mossley Hill Southport Moss Side West Derby Pensby Marshside Birkdale Woodchurch Crank Crosby Rainhill Eastham Ferry Raby Grange Newton Park Moreton Blundellsands Seaforth Bowring Park Freshfield Upton New Ferry New Boston Netherley Leasowe Huyton Park Hightown Little Altcar Churchtown Thornton Portico Orrell Laffak Oxton Woolton Ainsdale Kirkby West Park Woolfall Heath Page Moss Toxteth West Kirby Clock Face Sutton Kirkdale Ainsdale-on-Sea Noctorum Holt Garswood Poll Hill Brownlow Denton's Green Garston Liverpool Higher Bebington Carr Houses Thurstaston Bidston Rock Ferry Wavertree Prescot Broad Oak Lower Bebington Stockbridge Village Litherland St Helens Simm's Lane End Port Sunlight Westvale Thingwall Northwood Everton Whiston Knowsley Tower Hill Southdene Vulcan Village Allerton Longview Formby Dog & Gun Eccleston Park Waterloo Melling Mount Barnston Frankby Wargrave Grassendale Town End Marshall's Cross St Michael's Hamlet Ravenhead Tithe Barn Hillock Downall Green Houghwood Brimstage Gateacre Egremont Stoneycroft Arrowe Hill Rainford Junction Billinge Eccleston Sefton Storeton Rainford Grange Park Clubmoor Vauxhall Sandhills Bromborough Toll Bar Waddicar Fairfield Dove Point Lunt Poulton Bootle Clinkham Wood Claughton Prenton Brown Edge Windy Arbor Brookhurst Kings Moss Newton-Le-Willows Ford Croxteth Lea Green Woodhey Dovecot Thatto Heath Moss Bank Homer Green Kensington Heswall Ince Blundell Wallasey Lady Green Walton Whitefield Lane End Earlestown Meols Newton Hoylake New Brighton Netherton Gillmoss Buckley Hill Seacombe Fazakerley Park Hill Swanside Moss Side Tuebrook Sutton Heath Little Crosby Anfield Roby Derbyshire Hill Thornton Hough Edge Hill Broad Green Childwall Birkenhead Calderstones Newtown Poulton Maghull Huyton-With-Roby Knotty Ash Aintree Gayton Blackbrook High Park Haydock Spital Bromborough Pool Huyton Quarry Greasby Cronton Bebington Great Crosby Saughall Massie Haresfinch Halewood Tranmere Bidston Hill Lydiate Irby Fincham Blowick Melling Moss Nook