Capital Gains Tax in Clipston

Get in touch

Capital Gains Tax Advice in Clipston

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 Clipston (Northamptonshire)

Get in touch

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


Skip to

Gallery

Other locations available for capital gains tax
Shelfleys Upper Catesby Plumpton End Weekley Westhorp Muscott Little Irchester Ecton Brook Winwick Kings Sutton Hatton Park East Carlton Luddington in the Brook Milthorpe Spratton Denford Thornby Cranford St John Guilsborough Farthingstone Little Harrowden Old Preston Capes Great Billing Slapton Little Brington Astrop Lower Middleton Cheney Quinton Warmington Broughton Pipewell Newton Bromswold Lamport Puxley Horton Passenham Braybrooke Little Billing Braunston Bulwick Canons Ashby Middleton Cheney Cranford St Andrew Old Stratford Chelveston Croughton Orton Sudborough Rothersthorpe Brampton Ash Great Oxendon Burton Latimer Wadenhoe Moulton Park Duston Great Doddington Grafton Regis Stanford on Avon Wakerley Little Oakley Oundle Ashton Thrapston Laxton Far Cotton Harlestone Cold Higham Welford Wellingborough Hinton Edgcote Great Harrowden Cottesbrooke Briar Hill Great Cransley Irchester Arthingworth Syresham Badby Yelvertoft Brafield-on-the-Green Cosgrove Weedon Bec Abthorpe Hargrave Towcester White Hills Harpole Weldon Carlton Purlieus Whiston Kilsby Whilton Pytchley Stoke Doyle Papley Tiffield Moulton Woodford Halse Easton on the Hill Rushton Ringstead Wappenham Staverton Newton Furtho Great Brington Daventry Finedon Aldwincle Irthlingborough Wootton West Farndon Sywell Whittlebury Silverstone Lutton Gayton Helmdon Preston Deanery Church Brampton Wicken Falcutt Hardingstone Greatworth Brackley Barby Nortoft Adstone Great Addington Round Spinney Church Charwelton Barton Seagrave Lower End Fotheringhay Collyweston Culworth Upper Stowe Welton Chadstone Cold Ashby West Haddon Eaglethorpe Norton Mawsley Village Hackleton Upper Weedon Whitfield Titchmarsh Cottingham Maidwell Slipton Walgrave Mears Ashby Radstone Pury End Byfield Yardley Hastings Cotton End Ashton Ashby St Ledgers Islip Kennels Cotts Knuston Earls Barton Sutton Bassett Overstone Paulerspury St James's End Litchborough Corby Yardley Gobion Maidford Duncote Upper Heyford Bugbrooke Woodend Thenford Apethorpe Teeton Long Buckby Wharf Fawsley Road Weedon Ashley New Duston Weston by Welland Stanion Walton Grounds Little Addington Cattle End Kettering Great Houghton Orlingbury Upper Boddington Stoke Albany Wilby Wilbarston Harringworth Holdenby Armston Wollaston Hollowell Clipston Woodford Kelmarsh Warkworth Hemington Deanshanger Chapel End Aston le Walls Grange Park Eastcote Astcote Lower Weedon Thorpe Mandeville Kingsley Park Long Buckby Shutlanger Rockingham Naseby Lilbourne Caldecote Pitsford Marston St Lawrence Roade Pilton Wood Burcote Northfield Dalscote Blisworth Draughton Little Houghton Nobottle Polopit Bradden Thorpe Waterville Hardwick Lower Benefield Harrington Hinton-in-the-Hedges Brockhall Alderton Glapthorn Brigstock Bozeat Barnwell Kingsthorpe Hollow Thorpe Underwood Woodwell Hellidon Hartwell Aynho Kislingbury Yarwell Woodnewton Holcot Wigsthorpe Abington Vale Clopton Coton Moreton Pinkney King's Cliffe Geddington Overthorpe Watford Shotley Drayton Duddington Deenethorpe Brixworth Polebrook Thorpe Malsor Desborough Weston Favell Chipping Warden Pattishall Milton Malsor Abington Stoke Bruerne Newnham Higham Ferrers Scaldwell Greens Norton Plumpton Blakesley Little Creaton Lower Boddington Sulgrave Boothville Collingtree The Green Caldecott Easton Maudit Blatherwycke Warmonds Hill Lower End Grafton Underwood Dingley Creaton Haselbech Halse Dodford Church Stowe East Farndon Eydon Sibbertoft Southwick Loddington King's Heath Grendon Foster's Booth Raunds Marston Trussell Newbottle Castle Ashby Upper Benefield Isham Cotterstock New Barton Rushden Upton Middleton Warkton Deene Little Everdon Tansor Courteenhall Hanging Houghton Kingsthorpe Gretton Cogenhoe Elkington Spinney Hill Hulcote Weston Northampton Swan Valley Crick Everdon Farthinghoe Twywell Upper Astrop Evenley Charlton Chapel Brampton Great Oakley Weedon Lois Lower Catesby Nether Heyford Dallington Lowick Foscote Grimscote Queen's Park Nassington Stanwick Lower Thorpe Thurning Crowfield Great Purston Ravensthorpe Flore Rothwell Ecton Denton Lower End Chacombe Strixton Quinbury End Charwelton Barby Piddington Little Cransley Clay Coton Potterspury Whilton Locks Hannington Achurch Boughton East Haddon