Capital Gains Tax in Black Callerton

Get in touch

Capital Gains Tax Advice in Black Callerton

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 Black Callerton (Tyne and Wear)

Get in touch

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


Skip to

Gallery

Other locations available for capital gains tax
Woolsington Fence Houses Roker Elswick Eighton Banks Meadow Well Chowdene Marden Wallsend Hazlerigg Monkseaton Carr Hill West Monkseaton Fatfield Byermoor New Town Fawdon Lambton West Herrington Boldon Colliery Pennywell Cullercoats Bell's Close Middle Herrington Swalwell High Southwick West Harton Washington West Holywell Blaydon Burn Hylton Red House St Anthony's Great Eppleton Dunston Whitley Sands West Denton Witherwack Crookhill Ayres Quay Birtley Newbottle Howdon Pans Fellside Fellgate Columbia Killingworth Village East Herrington Palmersville Jarrow West Park Chirton Blackhall Mill Washington Village Hetton-Le-Hole New York St Peter's West Chirton Monkwearmouth Elemore Vale Whickham Fulwell Barlow Crawcrook Pelaw Whitburn High Shields Throckley Newcastle upon Tyne Portobello Winlaton Mill Black Callerton Deptford Fordley Carley Hill Leadgate Usworth Hedworth West Jesmond Bar Moor Blaydon Haughs Walker Tunstall Holy Cross Low Thornley Lamesley Gateshead Ryton Woodside Burdon South Bents Colliery Row Lintzford Clara Vale Wideopen Team Valley Kenton North Hylton Lobley Hill Chilton Moor Rosehill Dinnington Billy Mill East Howdon Murton Path Head Grangetown Lady Park Marley Hill Shiremoor East Holywell Sunniside Dudley Axwell Park Gosforth Ryhope Humbledon Willington Teams Houghton-Le-Spring Barley Mow Albany Camperdown Spital Tongues Farringdon Blaydon Percy Main Biddick Lemington Callerton Middle Rainton Killingworth Moor Dunston Hill Seaton Burn Wardley East Denton Benwell Hylton Castle Preston Harton West Moor Howdon Harraton Scotswood Westerhope Castletown East Gateshead Offerton Fenham Low Greenside Whitehills Bill Quay Hendon Follingsby Backworth South Shields Heaton Brenkley Wrekenton East Boldon Cleadon Kingston Park Jesmond Walkergate Lyons Forest Hall Ayton Springwell Felling Shore Brunswick Village Low Eighton East Rainton Walbottle Felling Thorney Close West Boldon Preston Grange Denton Burn West Allotment Grasswell Highfield Harlow Green Marsden Greenside Heworth Street Gate South Hylton Stargate Monkton New Town Rowlands Gill Winlaton High Moorsley Battle Hill Oxclose Hebburn Windy Nook Longbenton Byker High Dubmire Penshaw Kenton Bar Primrose Bishopwearmouth Wickham Fell Marley Pots Tyne Dock Sunderland Biddick Hall Downhill Stella Hetton-le-Hill Burnside Seaburn High Spen Springwell New Herrington Stony Gate Coalburns Easington Lane Hebburn Colliery Southwick Earsdon Rainton Bridge Beacon Lough Kibblesworth Hillview Horsley Hill Pallion Glebe Sheriff Hill Old Fold Low Fell Millfield Barmston Burradon Hetton Downs Old Burdon Saltwell Simonside New Silksworth North Walbottle Hasting Hill Rickleton Ryton Philadelphia Concord Whiteleas Cleadon Park Tynemouth Chopwell Grindon South Gosforth Annitsford Sunniside Doxford Park Callerton Lane End Westoe Hebburn New Town Bensham Newburn Hooker Gate Kenton Bank Foot Sulgrave Newbiggin Hall Estate Donwell The Lawe Low Moorsley Whitley Bay Deckham Willington Quay North Shields Blackfell Coxlodge Killingworth Bank Top Mount Pleasant Shiney Row Blakelaw