Capital Gains Tax in Detchant

Get in touch

Capital Gains Tax Advice in Detchant

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 Detchant (Northumberland)

Get in touch

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


Skip to

Gallery

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