Capital Gains Tax in Browland

Get in touch

Capital Gains Tax Advice in Browland

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 Browland (Shetland Islands)

Get in touch

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


Skip to

Gallery

Other locations available for capital gains tax
Quoys Toab Cumlewick Hamnavoe Vanlop Cova North Collafirth Culswick Breiwick Cullivoe Kellister Copister Scousburgh Ramah Grobsness Easter Skeld Dale of Walls Girlsta Sandness Hellister Laxobigging Assater Gardie Laxfirth Heogan Colvister Reawick Gutcher Unifirth Wadbister Fogrigarth Kirkabister Nisthouse Hillside Voesgarth Williamsetter Voe Clate West Sandwick Walls Channerwick Scarvister Hamar Vementry White Ness Ringasta North Town Sullom North Gluss Sound Westerwick Brough Herra Balliasta Twatt Urafirth Burrastow Challister Levenwick Underhoull Mail Wethersta Windhouse Railsbrough Aithsetter Mossbank Omunsgarth Busta Haroldswick Sefster Upper Neepaback Grindiscol West Heogaland Biggings Clibberswick Bothen Hillwell Effirth Quhamm Camb Laxo Port Arthur Stove Isbister Seafield Vatsetter Silwick Braewick Hogaland Sand Skellister Duncansclett Burravoe Mid Ho Burrafirth North Aywick Levaneap Raga Da Toon o Ham Hillswick Longfield Sandwick Ordale Sellafirth Wester Quarff Mid Walls Glebe Brough West Yell Swining Swinister Gardie Marrister Dury Huxter Weisdale Grimister Flukes Hole Clousta Stenswall Stonganess Freester Lunning Sandsound Cuckron Melby Tresta Gulberwick Scatness Ure Scalloway Hestinsetter Housabister Baltasound Bridge of Walls Collafirth Haa of Houlland Tirvister Burnside Grutness Swarister Houss Noss Northpunds Quoys of Catfirth Vassa Harkland Upper Urafirth Lunnister West Burrafirth Baliasta Ireland Rerwick Browland Lunnasting Voe Gott Brae Mailand Quoys Bigton Houlland Gletness Engamoor Valsgarth Gonfirth Skelberry Eastshore Leebitten Grunasound Braehoulland Uyeasound Troswickness Norwick Lea Gardens Easter Quarff Eastwick Northdale Housay Kirkabister Catfirth Brough Flugarth Ocraquoy Ollaberry Bremirehoull Gossabrough Garth South Scousburgh Haggrister Gruting Gloup Burwick Funzie Wester Skeld Hestaford Noonsbrough Creediknowe Housetter Hamister Upperdale Barnafield Ramnageo Houbie Skeggie Bousta South Aywick Leeans Burland Brindister Scatsta Gunnista Hestingott Greenbank Brunatwatt Toogs Lunna Boddam Kirkidale Hamnavoe Houlland Vidlin South Gluss Stove North Roe Houlland Moarfield Holmsgarth Sandwick Ayres of Selivoe Braewick Belmont Tangwick Heglibister Kalliness Mid Yell Symbister West Houlland Hoswick Stonybreck Sandvoe Skelberry Hamnavoe Lerwick Midbrake Quendale Kirkaton Hamars Brough Clivocast Uppersound Papil Setter Stanydale Norby Brough Bridge End Sound Gord Brake Da Hametoon Quoyness Sound Booth of Toft Fladdabister Bixter Greenmow Bird Obsy Benston Skaw Maywick Upper Kergord Eswick Isbister Exnaboe Houlland Muness Brettabister Basta East Burrafirth Crawton Westing Bruray Ulsta Kettlester Southpunds Trondavoe South-haa Brindister Otterswick Semblister Burravoe Littlester Tulkie Mangaster Cunnister Gillarona Aith Nibon Sumburgh Garderhouse Veensgarth Haggersta