Capital Gains Tax
Capital Gains Tax is essentially when you are taxed for the profits (gains) you make when you sell, give away or ‘dispose’ of something you own that has increased in value.
This can include: selling shares, transferring a property to someone else, exchanging an asset for something else or receiving compensation… The list goes on!
However, the actual amount of Capital Gains Tax you will have to pay will vary depending on your tax free allowance and any other additional reliefs you have taken.
The rates of CGT for 2018/19 are 10% (basic rate), 20% (higher rate) and 10% (Entrepreneur’s relief rate). Please note, however, that chargeable disposals of residential properties are still subject to the old CGT rates of 18% (basic rate) and 28% (higher rate).
Your annual tax free allowance (Annual Exempt Amount) for 2018/19 is £11,700. Yet this figure is prone to changing year on year, so you need to keep on top of it.
In most cases, CGT is dealt with via the self-assessment system when you submit your tax return. However, if you are considered non-UK resident for tax purposes, you need to report the disposal of any residential properties in the UK to HMRC within 30 days.
There are beneficial rates and reliefs to be taken advantage of and our tax specialists are best placed to help you do this.
If you are struggling to assess your potential Capital Gains Tax liabilities, our team of tax consultants can help. Harnessing our years of experience in this field, we can not only help you to minimise these costs – for good –but we can provide tax preparation support which will ensure you never have to worry about your taxes again!
Contact our tax accountants today, and let us help you to lift this weight right off of your shoulders and receive the tax advice you deserve.
Why Barnes Roffe?
We are much more than your average accountancy firm. Through our continued endeavour to help all our clients to receive quality, expert tax advice; our tax preparation team can now provide you with comprehensive cover to ensure against any unnecessary taxation costs.
So contact Barnes Roffe today and take your first step to making tax less taxing. Our tax advisors are ready to take your call.Talk to Barnes Roffe today Barnes Roffe has tried to ensure that the contents and information it provides in its website is accurate at the time of posting. Unfortunately it cannot guarantee the accuracy of contents or information contained in its pages and any person choosing to act on this information should contact a Barnes Roffe partner prior to taking any action