Capital Gains Tax in Northampton

Get in touch

Capital Gains Tax Advice in Northampton

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 Northampton (Northamptonshire)

Get in touch

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


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