Captial Gains Tax

Individuals are charged Capital Gains Tax (CGT) in respect of gains made from selling, or otherwise disposing of assets.  Many common assets that can be subjected to CGT are stocks, bonds, precious metals and property.

You may also be liable for paying capital gains tax if you are selling or transferring a business.  Business assets that may be subjected to capital gains tax are:

  • Shareholdings in privately owned trading companies
  • Goodwill associated with a business that is run by a sole trader or partnership.
  • Residential property other than your main residence.
  • Commercial property let to, or otherwise used by, privately owned trading organisations, including your own business.

For a basic concept, capital gains tax can be very complex.  There are many exceptions and adjustments that can be benefited from, which may lead to a significant change to your taxes.  It is recommended that you seek the advice of a professional accountant to best assist you in figuring out your capital gains tax.

If you are a small business owner or individual considering selling an asset or business, we can advise on any relief’s that may be available and of the possible capital gains tax charges that may arise.
In addition to any current charges, TaxAssist Accountants will be able to recommend more beneficial ways of planning your affairs to reduce any potential future tax liabilities.

Let TaxAssist Accountants take away this hassle which causes many businesses concern and stress each year. We offer competitive pricing and are very flexible.

Call us now on 0800 0523 555 or fill out our contact form.




Related News Articles

Second homeowners 'can reduce CGT'
Second homeowners should take action to ensure they do not pay too much capital gains tax (CGT), the Telegraph reports.

.. read more

Business owners 'eager to sell' before CGT increases
Business owners have caused a backlog at HMRC by rushing to sell their companies before capital gains tax(CGT) increases next month.

.. read more

HMRC: Tax relief for Entrepreneurs
Draft legislation as been released outlining a new tax relief scheme for entrepreneurs.

.. read more


 

Call TaxAssist Accountants on 0800 0523 555   0800 0523 555
Call TaxAssist Accountants on 0800 0523 555

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