Capital Gains Tax in East Gateshead

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Capital Gains Tax Advice in East Gateshead

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.

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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.

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We cover East Gateshead (Tyne and Wear)

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