Capital Gains Tax in Claremont Park

Get in touch

Capital Gains Tax Advice in Claremont Park

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 Claremont Park (Surrey)

Get in touch

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


Skip to

Gallery

Other locations available for capital gains tax
Hawk's Hill Knowle Hill Guildford Park Littlefield Common Holmethorpe Nutcombe Trumps Green Mayes Green Brockham Park Chaldon West Horsley Send Grove Eashing Littleton Alfold Crossways Ridgway Enton Green Charlwood Egham Hythe Horsell Downside Birtley Green North Holmwood South Godstone South Nutfield Cox Green Upper Ifold Pitch Place Shamley Green Burntcommon Tadworth Godstone New Haw Whitfield Court Norwood Hill Woodmansterne Hamsey Green Headley Great Bookham Churt Dunsfold Green Limpsfield Chart Stoneleigh Dorking Felbridge Artington Shottermill Wanborough Mytchett Fox Corner Ashtead Banstead Shrubs Hill Dippenhall Charleshill Oxshott Littleton Whiteley Village Boundstone Norley Common Woldingham Knowle Green Palmers Cross Shortheath Moor Park Hookwood South Holmwood Burstow Lucas Green Shipley Bridge Holloway Hill Tyler's Green Church End Hurst Park West Molesey Stonehill Cranleigh Ash Shepperton Green The Sands Wray Common Margery Peper Harow Loxhill Wormley Bisley Camp (National Shooting Centre) Worplesdon Lingfield Tyrell's Wood Mayford Clark's Green Burgh Heath Merrow Box Hill Lingfield Common Knaphill Okewood Hill Cudworth West Clandon Critchmere Caterham West End Leigh Paynes Green Horsell Birch Flexford Weybourne Woking Rushmoor Guildford Mogador Lower Kingswood Haxted Row Town Albury Grayswood Crosswater Dormans Park Castle Green Farley Green Alfold Sidlow Pitch Place Pot Common Ewhurst Wonersh Hersham Long Ditton Mousehill Egham Cramhurst Oatlands Park Chobham Bagshot Heath Redhill Ottershaw Crowhurst Lane End West Byfleet Heatherside The Bourne Stanwell Moor Elm Corner Ramsnest Common Coles Meads Epsom Bushy Hill Maybury Miles Green West Ewell Mimbridge Horne Aaron's Hill Wotton Catteshall Lower Green Burrows Cross Beare Green Mid Holmwood Mickleham Tilford Esher Rowledge Blindley Heath Woodham St George's Hill Fairmile Grafham Walton-on-Thames Dawesgreen Langley Vale Hinchley Wood Laleham Thorncombe Street South Earlswood Park Barn Salfords Bisley Betchworth Send Marsh Merle Common Albury Heath Deepcut Pyle Hill Farleigh Rydens Chertsey Meads Chiddingfold Abinger Hammer Martyr's Green Hale Crownpits Egham Wick Brick Hill Rowhill Ashford Bridge End Pains Hill Russ Hill Compton Highstreet Green Ashurst Wood Bramley Weatherhill Upper Eashing Warlingham Mount Hermon Wyke Newdigate West End Binscombe Ash Green Pirbright Ansteadbrook North Looe Reigate Heath Weston Green Peasmarsh Reigate Littleton Common Little Bookham Earlswood Fairlands Parkgate Walliswood Longcross Abinger Common Povey Cross Thorpe Green Wood Street Village Hoe Charlton Bellfields Stanners Hill Holmbury St Mary South Merstham East Molesey May's Green Shortfield Common Bowlhead Green Gomshall Hindhead Seale Burrowhill Friday Street Irons Bottom Rowly West End Newchapel Nalderswood Farncombe Domewood Brook Ripley Crossways Brewer Street St Johns Combe Common Sandy Cross Milford Stanwell Pixham Walton on the Hill Addlestone Runfold Lower Ashtead Strood Green Gatton Mytchett Place Rose Hill East Horsley Nork Meath Green Leatherhead Newlands Corner Addlestonemoor Hascombe Polesden Lacey Titsey Sheerwater Thames Ditton Hamm Moor Smallfield Lordshill Common Oxted The Downs Godalming Hatton Hill Holmwood Corner Thorpe Lea Bunce Common Prey Heath Upper Hale Woodbridge Hill Kingswood Tandridge Chelsham Staines Ranmore Common Englefield Green Kingfield Cobham Burwood Park Coldharbour Westbrook Thursley Fredley Woodcote Ewhurst Green Pachesham Park Givons Grove Felcourt Dunsfold Common Lower Halliford Puttenham Hooley Gadbrook Abbotswood Cooper's Hill Middle Bourne Peartree Green Haslemere Blackbrook Shepperton Little Heath Hydestile Laker's Green Claremont Park Ashley Park Green Cross Peaslake Elstead Lightwater Heath End Ockley Sunbury Common Field Common West Bedfont Rydeshill Dunsfold Ockford Ridge Pirbright Camp Fetcham Shere Chipstead Brookwood Brockham Holland Langley Weybridge Beacon Hill Sandhills Bagshot Shepherd's Hill Burpham Spreakley Donkey Town Stoke D' Abernon Doversgreen Ash Vale Tower Hill Chattern Hill Effingham Byfleet Sheets Heath Westcott Busbridge Lane End Willey Green Ockham Fickleshole East Clandon South Park East Ewell Upper Halliford Onslow Village Pyrford Green Merstham Chilworth Wrecclesham Ashford Common Leatherhead Common Culmer Millbridge York Town Badshot Lea Waterside Sutton Abinger Shackleford Compton Tilford Common Broadford Hurtmore Mead Vale Woodhatch Whitebushes Warwick Wold Camberley Hog Hatch Limpsfield Claygate Jacobs Well Tuesley Windlesham Chertsey Deepdene Normandy Horley Westfield Wasp Green Ewell Nutfield Slyfield Broadmoor Broadham Green Giggshill Bletchingley Stonebridge Ridge Green Old Woking Woolmer Hill Farleigh Court Limpsfield Common Brooklands Frensham Tatsfield Dormansland Frith Hill Frimley Sutton Green Capel Shalford Brook Place Ellen's Green Church Town Tongham Bishopsgate Wisley Sunbury Hythe Send Thorpe Woldingham Garden Village Brook Bushbury Norney Logmore Green Abbey Mead Frimley Green Pyrford Village Stroud Virginia Water Crawley Hill Felthamhill Netherne on-the-Hill Frimley Ridge Farnham Stroude Forest Green Buckland Hurst Green Hambledon Stoughton Moorhouse Bank The Wells Downside Dockenfield Mugswell Crowhurst Outwood Cartbridge Witley Pyrford Hook Heath Whyteleafe Shellwood Cross Lower Bourne Westhumble Tilford Reeds Wheelerstreet