Capital Gains Tax in Broomhaugh

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Capital Gains Tax Advice in Broomhaugh

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 Broomhaugh (Northumberland)

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Other locations available for capital gains tax
Weldon Whittingham Middleton Hall Haltwhistle Cambois South Charlton Rothbury East Learmouth Guide Post Ogle East Sleekburn Apperley Dene Yarrow Shawdon Hall Carterway Heads Ford Hill Dalton Fair Moor Ancroft Eltringham Whitley Chapel West Fleetham Darras Hall North Blyth Hepscott Norham West Mains Ouston South Beach Wooler Cresswell Falstone Stakeford Beal Ancroft Northmoor Holywell Marshall Meadows Great Swinburne Newton Wooperton Sharperton North Charlton Dye House West Chevington Hedley on the Hill North Togston Raylees Catton Ridley Stokoe South Middleton Otterburn Broomhaugh Broxfield Seghill Bebside Colwell Coalcleugh Redesmouth Ridley Guyzance Netherwitton Middleton Scotland Gate Newbiggin Mickley Square Byerhope Prior Park Coupland Beltingham Holy Island Nunnykirk Newtown Rugley Hampeth Limestone Brae Prestwick High Newton-by-the-Sea Dukesfield Cheswick Buildings Riding Mill Ridsdale Shillmoor Belsay Bolam Choppington Longhorsley Nedderton Fawdon Berrington Catcleugh Stonehaugh Hawkhill Stobhillgate Eals, The Fenwick Shilbottle Ilderton Acomb Highfields Mayfield Barrasford Haugh Head Plenmeller Clennell Anick Bardon Mill Bowsden Juniper Eastfield Bearsbridge Glanton North Middleton Ford Forge Fulbeck Pegswood Wylam Thorngrafton Stanton Longhirst Kirkwhelpington Stannington Eslington Park Newbiggin-by-the-Sea Park End Shilvington Red Row Hexham East Cramlington Rennington Prudhoe Park Village Downham Swarland Knarsdale Pigdon Birkshaw Haydon Bridge Alnham Bolton Melkridge Warton Saltwick North End Heddon-on-the-Wall Longhoughton Hazon Waren Mill Halton Elwick Seahouses Akeld High Angerton West Learmouth Eshott Widdrington Station Hallington Birtley Whitelee Stocksfield Hartburn Ponteland Healey Cote Denwick Linhope High Church Kirknewton Berwick-upon-Tweed Bomarsund Beaconhill Yetlington North Seaton Cramlington Scrainwood Baybridge Ashington Newton Hall Longframlington Lynemouth Stannersburn High Mickley Alnmouth Otterburn Camp Bedlington Etal Capheaton Dirt Pot Eland Green Allenheads Byrness Whygate Little Swinburne Low Gate Bingfield Chathill Bolam West Houses Bywell Hawkhope Fourstones Norham Whittonstall Wallridge Peppermoor Blenkinsopp Hall Bedlington Station Broomhill Bridge End Humshaugh Togston Ouston Tranwell Eglingham Holburn Glororum Newham Embleton Charlton West End Town Branch End Kirkheaton Hebron Great Bavington Great Whittington Steel Fenwick Westlea Alwinton Beanley Titlington Wall Shotton Kilham Oakwood Rock East Lilburn East Ord Nelson Village Stamfordham Holystone Medburn Cocklaw Milbourne Tweedmouth Detchant Greenhaugh Low Newton-by-the-Sea Low Alwinton Dunstan Chesterwood Woodbridge Whitfield Newton on the Moor Mindrum Snods Edge Ellingham Fenton Chatton Old Swarland Walwick Lee East Thirston The Riding Halton Lea Gate Clifton Shilbottle Grange Elrington Pressen Strothers Dale Tritlington Greendykes Knowesgate Berwick Hill Stobswood West Wylam Glantlees Warden Ayle Colpitts Grange Edlingham Henshaw Chollerton Branton Sandhoe Beadnell Acklington Rochester Loanend Pawston Kielder Milfield South Newsham Newtown Bellingham Tow House Dalton Collingwood South Broomhill Kimmerston Gunnerton Westnewton Lowick Rowfoot Chesterhope Burradon Slaley Ellington Simonburn Dilston Branxton Healey Newton Underwood Lucker Ulgham Wark Steel Hipsburn Cartington Tughall Roddam Diptonmill Houghton Greystead Broomley Kirkharle Heugh Newsham Hirst Thrunton Painshawfield Swinhoe Molesden Healey Hall Uppertown Widdrington Knocklaw New Heaton Wharmley Amble Chillingham Whalton Ovington Little Bavington Blanchland Seaton Delaval Whitfield Hall Lanehead Aydon Throphill Hepburn Woodhorn Southfield East Hartford Warenford Black Heddon Ford Reedsford Sinderhope Linton Shoresdean Littlehoughton West Mains Ordley Cheswick High Warden Haggerston Slaggyford Wark Beauclerc High Buston Melkington Rawgreen Bothal Ingram East Woodburn Howick Bareless Thockrington Ross Harnham North Sunderland Grindon Callaly Bamburgh Duddo Barrow Burn West Flodden Horncliffe Spartylea Craster Butteryhaugh Carrshield West Sleekburn Maiden's Hall Warkworth West Woodburn Stobhill Stokoe Crookham Eachwick Hadston Loansdean East Horton Low Prudhoe Horsley Newbrough Greenhead Hepple New Ridley Felton Morpeth Horsley Sheepwash Townhead Allendale Town West Thirston Meldon Mitford High Trewhitt Seaton Sluice Eastfield Hall Keenley Hindley High Hauxley New Bewick Corbridge Scremerston Bilton Spindlestone New Hartley Whitton Doddington Harbottle Cambo Freelands Blyth Harlow Hill Longwitton Matfen Snitter Ingoe Nether Warden New Delaval Felkington Thornton Lambley Powburn Alnwick Boulmer Radcliffe Middleton Seaton High Callerton Low Hauxley Spittal Great Tosson Halton Shields Chollerford Eals Shotleyfield West Horton Langley Elsdon Cornhill on-Tweed Howtel Wark Common Ryal North Seaton Colliery Causey Park Bridge Scots' Gap Cowpen Netherton Belford Linbriggs Ovingham Lesbury Thropton Ninebanks Coanwood Redburn Low Angerton