Clear, practical advice to help you understand, calculate and report Capital Gains Tax when selling or transferring an asset.
Whether you are selling a property, shares or business assets, TaxPlus Accountants can help you understand your position, meet the relevant deadlines and avoid unexpected tax bills.
Capital Gains Tax can involve complex calculations, different reporting requirements and reliefs that depend on your circumstances. We can review the proposed or completed transaction, calculate the gain and help you report the correct information to HMRC.
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We can calculate and report potential gains arising from the sale or transfer of residential property, including second homes, rental properties and inherited property.
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Where Capital Gains Tax is due on the sale of UK residential property, it will normally need to be reported and paid within 60 days of completion. We can help you prepare and submit the required information promptly.
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We can help calculate gains or losses when you sell shares and other taxable investments, taking relevant purchase costs, disposal costs and previous transactions into account.
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When selling or transferring business assets, we can calculate the potential gain and consider whether any available reliefs could reduce or delay the tax due.
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We will review purchase and sale values, allowable costs, improvements and relevant losses to produce a clear calculation of your taxable gain.
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Depending on the asset and your circumstances, certain allowances or tax reliefs may be available. We can identify which rules may apply and ensure eligible claims are considered.
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Capital losses may sometimes be used against taxable gains. We can help identify, calculate and report eligible losses so they are recorded correctly with HMRC.
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Seeking advice before agreeing or completing a transaction can give you more time to understand the tax implications, gather the necessary records and consider available planning opportunities.
Capital Gains Tax is easier to manage when you know what information is required and how much tax you may need to pay. Early advice can help you plan ahead, meet short reporting deadlines and approach the transaction with greater confidence.
Understand how the gain has been calculated and which costs, losses or reliefs have been taken into account.
Receive practical support with the relevant HMRC reporting and payment requirements.
Plan for the potential tax liability before the proceeds from a sale are committed elsewhere.
Selling a property, investment or business asset can be a significant financial decision. As a local, independent firm, TaxPlus Accountants gives you direct access to approachable advice from someone who will take the time to understand the full circumstances behind the transaction.
“Capital Gains Tax is often considered too late, after an asset has already been sold. We encourage clients to speak to us as early as possible so we can explain the likely tax position, help them prepare and make sure important reporting deadlines are not missed.”
— Caron Gilks, Director, TaxPlus Accountants
Capital Gains Tax is a tax that may be due when you sell, give away or otherwise dispose of an asset that has increased in value. The tax is generally based on the gain you have made, rather than the total amount you receive.
Capital Gains Tax can apply to assets including second homes, rental properties, shares, investments, valuable personal possessions and certain business assets. Whether tax is due will depend on the type of asset, the gain made and your individual circumstances.
Your main home may qualify for Private Residence Relief, meaning some or all of the gain could be exempt. The position can be more complicated if the property was rented out, used for business, had substantial grounds or was not your main residence throughout the ownership period.
Where a UK resident sells a UK residential property and Capital Gains Tax is payable, the gain will normally need to be reported and the tax paid within 60 days of completion. It is important to seek advice quickly, as interest and penalties may apply when deadlines are missed.
Useful records can include the original purchase completion statement, sale completion statement, legal and estate-agent invoices, Stamp Duty details and receipts for qualifying improvement work. We will explain which documents are relevant to your particular transaction.
Yes. Seeking advice before a sale can help you understand the likely tax liability, check whether reliefs may be available and prepare for the reporting and payment requirements. It may also allow more time to consider the timing and structure of the transaction.
Whether you are preparing to sell an asset or have recently completed a transaction, speak to TaxPlus Accountants as soon as possible. We can explain your likely tax position, calculate the gain and help you meet the necessary reporting requirements.
