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.Book appointment online if you need advice about Capital Gains Tax
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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.
Capital Gains Tax Help
Capital assets include company shares, stocks, shares in property etc. 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.
We care for our clients. Building and maintaining fantastic relationships is what we do best, we will never treat you as a number which is what makes our approach so unique. The highest level of customer service combined with a keenness to listen and work together with our clients means that we leave a stream of happy clients in our wake every single day. Our services come with unlimited help and support provided at no extra cost throughout the year.That help and advice will all come courtesy of your own fully qualified and dedicated small business accountant.
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Are you just looking for an answer to a general question? We always provide free advice to individuals and self employed persons. You can send us an email, call us or fill in the form. But you should be asking answers to general questions.
Capital Gains Tax
Frequently Asked Questions
Most frequent questions and answers
Yes you can. Most of our clients who are small bsuiness , we setup an automated software for them to do their book keeping. We only need the records at the end of each period for compliance.
It would take only 10-15 minuites to populate a spread sheet each day to enter data of your daily expenses. You can also take picture of reciepts and save it in a secured drive. Or you can use a software like Reciept bank.
Our charges are depend on amount of time we will spend on yor book keeping. Most of the time and because of availability of online and IT tools we advice clients to scan their record to save time and money.
We will not advice to do your book keeping on annual basis. There are many reasons and the major reason is you will find it hard to analyse and store records for the whole year if left to the end of the year.
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If a person already has 35 qualifying years or is likely to do so by the time that they reach state pension age, missing a year will not adversely affect their state pension entitlement. However, if they have less than 35 years (and will be able to reach the minimum 10 years needed for a reduced state pension by the time that they reach state pension age) making voluntary contributions can be worthwhile.
While any gain on the sale of a property that has been the taxpayer’s main residence throughout the period of ownership is covered by private residence relief, the flip side is that if the main residence is sold at a loss, the loss is not an allowable loss for capital gains tax purposes.
Taking a loan can be tax efficient, particularly if paid back before the trigger date for the s. 455 charge. It may be an attractive option to get over a difficult period where a return to profitability is anticipated, allowing a dividend to be declared to clear to loan balance.