Capital Gains Tax Accountants
Capital Gains Tax Accountant Services in London
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At Accounted Chartered Accountants, we are experienced and knowledgeable in all areas of Capital Gains Tax (CGT) covering the disposal of assets for businesses and individuals. The rules can be complex but our expertise in CGT helps our clients to understand:
· which assets are chargeable
· which reliefs can be claimed
· how to report CGT issues accurately and on time
· all other possible impacts of CGT
Our dedicated Capital Gains Tax accountants will work closely with you to ensure you manage the disposal of your private and commercial assets to mitigate tax liabilities. Disposals covered by CGT can include property, business assets, shares and private assets. You will be assigned a dedicated accountant to make complex CGT rules understandable. We provide clear, open communication on all accounting issues, and we are always approachable and accessible.
What Assets Are Chargeable To Capital Gains Tax?​
The disposal of an asset could be subject to Capital Gains Tax, unless that asset is considered exempt. Common chargeable assets include:
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Your main residence, unless fully covered by private residence relief
(e.g. some larger properties or if you haven’t lived in the property for the whole period of ownership) -
Commercial property
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Rental property
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Shares (excluding those held in ISA or PEP)
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Business assets
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Personal property worth over £6,000 (excluding your car)
Advice from Capital Gains Tax Accountants
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When you sell an asset for profit, this is known as a ‘capital gain’, so any asset which has increased in value is subject to the tax. If your gains for the year fall below your annual tax-free allowance, you will not be required to pay CGT. For those without an accountancy background, calculating Capital Gains Tax can be challenging. The rules are highly complex, particularly regarding those valuable tax reliefs.
Chargeable assets can vary in their liabilities under Capital Gains Tax legislation. Certain reliefs are available on selected assets, for which a lower tax rate is charged. If you sell an asset that is jointly owned, you will be liable for Capital Gains Tax on your share.
It is common for property assets to far exceed this tax-free threshold, which can make Capital Gains Tax very expensive, particularly in combination with your income tax liability. Yet a large number of landlords and investors are paying far too much tax when selling their property asset, without the proper knowledge of any reliefs or allowances available.
This is why it is so important to have a qualified Capital Gains Tax accountant, to ensure that you are claiming all eligible reliefs to bring down your CGT liabilities wherever possible. We will examine your records in depth, keeping you fully informed throughout the process, ascertaining any reliefs to which you may be entitled.
Understanding Capital Gains Tax
These are a few key things you should know about Capital Gains Tax:
You may be required to register for self-assessment (if not already registered) and report the gain on your tax return.
For residential property disposed of on or after 6 April 2020, gains must now be reported online and the tax paid within 30 days of completion.
To report the gain online, a government gateway account will be required (unless using an agent).
If you already complete a self assessment tax return, the gain should also be reported on your return.