Capital Gains Tax in Team Valley

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Capital Gains Tax Advice in Team Valley

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 Team Valley (Tyne and Wear)

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