Capital Gains Tax in Bramley

Get in touch

Capital Gains Tax Advice in Bramley

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 Bramley (South Yorkshire)

Get in touch

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


Skip to

Gallery

Other locations available for capital gains tax
Braithwaite Frecheville Skelbrooke Pogmoor New Edlington Old Denaby High Green Bramley Fullshaw Gleadless Valley Doncaster Sandhill Austerfield Bessacarr West Green Hayfield Green Stocksbridge Treeton Normanton Spring Foldrings Wood Seats Raw Green Laughton Common Nether Haugh Conisbrough Branton St Helen's Shirecliffe Kine Moor Hoyland Common Fulwood Shaw Lands Almholme Wath Upon Dearne Broom Higham Common Ravenfield Gleadless Tivy Dale Bradway Gawber Waterside Cubley Dodworth Green Langsett Lings, The Handsworth Dalton Parva Wike Well End Totley Brook Carlton Milton Parkhead Norton Woodseats Cantley Morthen Blaxton Stairfoot Thorn Hill Brick Houses Bawtry Carcroft Kingstone Wigtwizzle Midhopestones Malin Bridge Woodsetts Royd Moor Hickleton Grenoside Aughton Brookhouse Hangsman Hill Bradgate Athersley North Upper Tankersley Wilsic Oxspring Worsbrough Dale Firbeck Thorpe in Balne Upper Haugh Scout Dike Skellow Victoria Higham Hemsworth Lowedges Todwick Dungworth Bow Broom Storrs Arbourthorne Stainton Belle Green Great Houghton Hill Top Norton Royd Wortley Hood Green Hermit Hill Wingfield Ringinglow Brightholmlee Brinsworth Crane Moor Sharrow Harley Thurgoland Hemingfield Brampton en le Morthen Woodlands Bassett Dore Load Brook Woodhouse Highfields High Melton Hardwick Worsbrough Upper Hoyland South Bramwith Staincross Barnes Hall Parson Cross Warmsworth Long Sandall Garden Village Hood Hill Greystones King Edwards Waterthorpe Canklow Swinton Bridge Ulley Beauchief Adwick Le Street Masbrough Wheatley Billingley Wales Oughtibridge Berry Moor Clifton Harlington Darton Edge Mount Parkwood Springs Hill Top Upper Whiston Birdwell Trumfleet Conanby Little Houghton Harden Sandygate Cortworth Wales Bar Ecklands Wombwell The Green Under Tofts Ughill Templeborough Penistone Four Lane End Kimberworth Park Maltby Sunnyside Hyde Park Mosborough Micklebring Mawson Green Wilthorpe Lidget Pitsmoor Greenhill Stopes Brierley Hall Broom Warren Firth Park Greasbrough Newhill Pincheon Green Low Barugh Hay Field Silkstone Common Keresforth Hill Wincobank Kirk Sandall Onesacre Tinsley Manor Estate Low Valley Measborough Dike Moor End Sutton Askern Guilthwaite Thrybergh Spittal Houses Fishlake Silkstone Ranmoor Cotterhill Woods Fir Vale Whiston Barugh Green Rollestone Hampole Hatfield Greenland Highgate Cudworth Common Worsbrough Bridge Dinnington Sheffield Park Herringthorpe Topham Lane End Turnerwood Smithley Halfway North Anston Sprotbrough New Rossington Campsall Kilnhurst Whirlow Brook High Bradfield Throapham Wickersley Abbeydale Park Meadow Head Carlecotes Hillsborough Attercliffe Old Edlington Totley Dunsville Orgreave Worsbrough Common Pickburn Wheatley Hills Drakehouse Westfield Adwick upon Dearne South Lane Loxley Elsecar Longley Estate Barnby Dun Sykehouse Auckley Eastwood West Melton Scawsby Steel Bank Hill Side Norton Clifton Brierholme Carr West End Pinfold Hill Wentworth Birley Edge Kimberworth Low Bradfield Hoober Cundy Hos Moss Meersbrook Thorpe Hesley Millhouses South Anston Far Bank Noblethorpe Townhead Mapplewell Bolton Upon Dearne Moorhouse Middlewood Hackenthorpe Lodge Moor Millhouses Stainforth Sothall Toll Bar Hatfield Chase Ryecroft Moorhole Lowfield Pismire Hill Gildingwells Dunscroft Dalton Magna New Totley Rossington Oxclose Mexborough Scholes Snape Hill Blacker Hill Low Laithes The Parks Castle Green Darfield Burncross Dodworth Chapeltown Hatfield Woodhouse Scawthorpe Wadsley Bridge Sim Hill Bolehill Thorne Hooton Roberts New Village Ecclesall Dalton Haigh Letwell Eskholme Ecclesfield Ardsley Brampton Hoyle Mill Blackburn Edenthorpe Brecks East Dene High Hoyland Wheatley Park Meadow Hall Kendray Crookes Finningley Carbrook Brodsworth Snowden Hill Slade Hooton Waldershaigh Potter Hill Birley Carr Hexthorpe Thurcroft Tickhill Ewden Village Hooton Levitt Catcliffe Parkgate Burghwallis Aldwarke Barnsley Wadworth Stockbridge Carter Knowle Armthorpe Lundwood Kiveton Park Mortomley Sheffield Canal Side Rostholme Monk Bretton Arksey Charltonbrook Cudworth Fenwick Kirk Bramwith Dunford Bridge Jordon Owlthorpe Spring Vale Nether Edge Batemoor Hazlehead Hooton Pagnell Whitley Brincliffe Barnburgh Waleswood Balby Upper Midhope Sunnyfields Pilley Tapton Hill Gilroyd Hoyland Ickles Green Moor Millhouse Green Loversall Crookesmoor Catshaw Plumbley Clayton Spital Hill East Herringthorpe Swallownest Whinney Hill Bentley Rise Dodworth Bottom Cawthorne Charnock Hall Moorgate Moorends Hill Top Braithwell Abbeydale Tilts Wadsley Park Hill Upper Cudworth Rotherham Barrow Lindrick Dale Darnall Richmond Littleworth Bromley Coisley Hill Grimethorpe Heeley Ingbirchworth Dropping Well Walkley Doncaster Common Nutwell Cadeby Denaby Main Hollow Meadows Harthill Cusworth Soughley Brightside Stone Hill Aston Windhill Holbrook Shafton Belle Vue Stacey Bank Highfield Smithies Crow Edge Goldthorpe Bentley Fosterhouses Instoneville Thurnscoe East Thornseat Piccadilly Bolsterstone New Lodge Thurlstone Holdworth Listerdale Worrall Cat Hill Jordanthorpe Owlerton Hollins End Shiregreen Grimesthorpe Thurnscoe Intake Swinton Kexbrough Middlecliffe Roughbirchworth Newton Intake Abdy Howbrook Hellaby Hill Top Burngreave Maythorn Townhead Laughton en le Morthen Deepcar Manor Park Wharncliffe Side Ward Green Stannington Haywood Dean Head Hoylandswaine Athersley South Whirlow Shafton Two Gates Totley Rise Tinsley Owston Platts Common Woodhouse Mill Cundy Cross Thorpe Salvin Eastfield Finkle Street Jump Broomhill Barugh Royston Slay Pits Rawmarsh Beighton Stone Carr Marr Swaithe