The experts at The Accountancy Solutions have a wealth of experience in the sector of capital gains tax planning and know exactly what to do when somebody is intending to dispose of a capital asset. Often, dealing with capital gains tax payment and expectations can be difficult, the knowledgeable that our certified team can offer will help you to get a better understanding of the requirements of capital gains tax.
It is important to understand where you are required to pay capital gains tax and in which situations it is not required, this can ensure that you don’t face a penalty or instigate an investigation for unpaid CGT. Certain gifts, some profits and winnings can all be made exempt from capital gains tax, knowing where you stand with capital gains tax can save you considerable time and money.
Individuals should always seek advice when disposing of a capital asset as failure to do so could mean they lose out on available tax relief as well as exemptions and allowances. We work to calculate the potential capital gains tax that would payable upon the disposal, as well as offer advice on whether a form of relief would be available, as well as exemptions or the transferring of assets. If disposal is the only option, we will advise clients on the best time do so.
Once all avenues have been explored, it is sometimes possible to defer the liability of tax on capital gain and we will do what we can to deliver the outcome that you are looking for. With our extensive experience dealing with CGT, we can assist you with every step of the process, ensuring that you retain as much profit from the sale of an asset as possible.
WHAT YOU NEED TO KNOW ABOUT CGT
Capital assets include company shares, stocks, shares in property etc. We are here to help you:
Capital Gains Tax i.e., influencing time of sale : There are many benefits to proficient planning when it comes to capital gains tax and being prepared can save you considerable money, especially on high value items. Advanced preparation and experienced knowledge on CGT can better situate you to sell your asset at the right time. At The Accountancy Solutions, we will ensure you have all the knowledge you need going forward, From helping you to understand the different CGT rates to the use of genuine gifts.
Claim all valid deductions against capital gains : Claiming all the valid deductions available to you can help you to reduce your capital gains tax. From professional fees and indexed allowance to enhancement expenditure, our certified accountants can work with you to find where you are eligible for valid tax reductions, taking the worry away from expensive capital gains tax bills.
Entrepreneur’s Relief & Letting Relief : you could be eligible for entrepreneur’s relief which comes with a substantially lower capital gains tax rate when you look at selling a proportion of the company and qualified assets. Letting relief allows you to benefit from a lower capital gains tax rate when you are considering selling a property you own. There are many strict guidelines to both entrepreneur’s relief and letting relief, if you are unsure how to claim for a relief and receive the maximum benefits, our skilled relief accountants and advisers can help you to reduce your capital gains tax bills.
Rollover Relief, Holdover Relief, EIS deferral Relief : By reinvesting sold assets into a new business asset that is approved, you can defer your CGT through the rollover relief. If you bestow a business asset, holdover relief can be used, which after a set amount of time can be used to holdover the gains that have arisen on the asset. EIS deferral comes into effect when you choose to defer asset gains into approved EIS shares, this form of capital gains tax relief can be unlimited. Minimising your capital gains tax can be achieved easily through the use of relief processes; a professional accountant will get a thorough understanding of your business or your assets in order to find where you could be eligible for relief.
If you regularly purchase and sell assets at a profit, then keeping track of your CGT requirements can be a very time-consuming process. To ensure that you are paying the right amount of CGT on your gains, and can prove your accounts, the help of a professional qualified accountant can be invaluable.
When you dispose of any asset, it is vital to keep detailed records so that you can prove the disposal to HMRC. With the help of a trained CGT accountant, you can ensure that your records are an accurate reflection of your assets, whether they are personal assets or business assets. At The Accountancy Solutions, we provide a confidential service that you can trust to take care of your records and your requirements for CGT. For more information about CGT and how we can help with business and personal CGT, don’t delay in contacting our expert team.