If you are unsure what assets are eligible for CGT, are looking for ways to legally reduce your CGT, or need assistance organising and calculating your returns, our professional team has you covered, with fully confidential service that you can trust.
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Once you have exceeded you tax-free allowance, you will be liable to pay Capital Gains Tax (CGT) on all profit make on non-exempt asset disposal. This could include the sale of a second home, any shares that are sold, or investment pieces like jewellery and antiques. The amount of personal CGT that you’ll have to pay is calculated on the value that has accumulated on the asset since your purchase of it initially. CGT may have to be paid whether you sell the asset or give it away, so it is important to know where you stand when gifting, selling, swapping, or getting compensation for an asset.
Personal Capital Gains Tax
Calculating CGT payments can be a difficult and lengthy procedure, especially if you dispose of multiple personal assets in a single year. Records need to be kept of the purchase and the disposal, and the rates of personal CGT, exemptions, and calculations need careful consideration. By using a trained CGT accountant, you can ensure that your personal CGT returns are calculated and filed will full accuracy in every instance. As well as knowing that you are not paying excessively for CGT that didn’t need to be paid or filing for the wrong assets.
At The Accountancy Solutions, we can help you with many different areas of personal CGT, including:
- Personal Capital Losses
- Capital Gains Tax Payment
- Non-Resident Investors
- Tax-free Allowances
- Rates for Capital Gains Tax
- Capital Gains Tax Calculations
- Exemptions and Reliefs for Capital Gains Tax
- Record Keeping
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.
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.