We'll submit your Capital Gains Tax Return for £200
If you make a profit from selling an asset, it must be reported to HMRC. Calculating the gain and completing the forms yourself can be both stressful and time-consuming.
Our Capital Gains Tax return service is perfect for anyone who has sold personal belongings worth over £6,000, or needs to report a capital gain to HMRC from selling shares, property, or a business.
When you use our service, a qualified accountant will handle all the calculations and submit your Capital Gains Tax return to HMRC on your behalf.
What is Capital Gains Tax?
Capital Gains Tax (CGT) is a tax on the profit made when you sell or dispose of an asset. In the United Kingdom, CGT applies to most assets, including property, shares, and personal possessions valued over £6,000.
The amount of CGT you pay depends on factors such as the type of asset, its purchase price, and the profit made. Individuals in the UK benefit from an annual CGT allowance, currently £12,300, meaning no tax is due on gains below this threshold.
For higher-rate taxpayers, CGT is charged at 20%, while basic-rate taxpayers pay 10%. Gains from residential property are taxed at higher rates: 28% for higher-rate taxpayers and 18% for basic-rate taxpayers.
Why hire an accountant for your Capital Gains Tax?
There are several exemptions and reliefs available for certain types of assets. For instance, gains from personal possessions worth less than £6,000, cars, and lottery winnings are exempt from CGT. Business Asset Disposal Relief allows a reduced CGT rate of 10% for individuals selling their business or shares in their company, provided specific conditions are met.
If an asset is given as a gift, a CGT liability may still arise if the asset has increased in value since it was acquired. In such cases, the person giving the gift is responsible for any tax due.
Capital Gains Tax is self-assessed, meaning individuals must calculate and report their gains to HMRC through the Self-Assessment Tax Return system. It is essential to maintain accurate records of all transactions and expenses related to the sale or disposal of assets, as these can help reduce the taxable gain.