Capital Gains Tax in Mortomley

Get in touch

Capital Gains Tax Advice in Mortomley

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