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:
For advice, support, and guidance through the record keeping and management of your CGT, our expert team are always on hand to help. Whether 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.