Clarkwell & Co., the name you can trust upon for Capital Gains Tax services in London. Our team consists of ACCA approved professionals, providing the best Tax advice for both business and personal level will enhance your financial situation. From an individual wanting to sell investments and real estate for a profit (or loss) through to commercial and business sectors that need help with structuring or maximising their available concessions our experts understand your relevant taxes.
Capital Gains Tax
Stress-Free Capital Gains Tax Services For London Residents
The complexities surrounding capital gains tax are enough to make a person dizzy without the proper tools. At Clarkwell & Co. we offer expert ways Capital Gains Tax service in London to suit the specific requirements of our clients Our team will help you to interpret your tax responsibilities, control your taxes and use the full extent of our treatments in relation to taxation.
Our Comprehensive Capital Gains Tax Services
Property Sales
Expert guidance on tax implications of selling residential or commercial properties.
Investment Management
Professional advice on the tax treatment of stocks, shares, and other investments.
Inheritance Planning
Strategies to mitigate capital gains tax on inherited assets.
Business Assets
Specialised support for business owners in managing capital gains on asset sales.
Accounting Solutions Customised For Your Capital Gains Tax Needs
We help thousands of people throughout London to maximise their financial position and the accuracy and efficiency with which we complete every Capital Gains Tax return has seen us develop an outstanding reputation for client satisfaction. We want to make it easier and faster for you to handle your more complicated tax situations.
Personalised Service
Our tax solutions are designed around the unique taxes objectives of each client.
All-Inclusive Support
Beginning with our first meeting through your final tax filing, we handle it all.
Expert Compliance
Our ACCA-qualified accountants ensure full compliance with UK tax laws.
Client-Centric Approach
We prioritise client communication and transparency in all our dealings.
Strategic Tax Planning
Our proactive tax strategies help in minimising tax liabilities and maximising savings.
Hire The Best Capital Gains Tax Service In London
FAQs
FAQs for Capital Gains Tax (CGT) in the UK
What is Capital Gains Tax (CGT)?
Capital Gains Tax is a tax on the profit you make when you sell or dispose of an asset that has increased in value. It’s the gain you make that is taxed, not the amount of money you receive.
What assets are subject to CGT?
CGT applies to various assets, including:
- Property (that isn’t your primary residence)
- Shares and investments
- Business assets
- Personal possessions worth £6,000 or more, except for cars
What is the Annual Exempt Amount?
For the tax year 2023/2024, individuals have a tax-free allowance of £6,000 on capital gains. Any gain above this amount is subject to CGT.
How is CGT calculated?
CGT is calculated on the difference between the purchase price and the selling price of the asset, minus allowable expenses. The applicable tax rate depends on your total taxable income and gains for the tax year.
What are the current CGT rates?
- Basic rate taxpayers: 10% on most assets, 18% on residential property
- Higher and additional rate taxpayers: 20% on most assets, 28% on residential property
Are there any reliefs available?
Yes, several reliefs can reduce your CGT liability, including:
- Private Residence Relief: If you sell your primary home
- Entrepreneurs’ Relief (now Business Asset Disposal Relief): For qualifying business disposals, the tax rate can be reduced to 10%
- Gift Hold-Over Relief: For gifts of business assets
Can I offset losses against gains?
Yes, you can deduct any capital losses from your capital gains to reduce the amount of CGT you owe. Losses can be carried forward to future tax years.
What records do I need to keep?
Maintain detailed records of all transactions, including purchase and sale dates, costs, and any expenses incurred. Good record-keeping ensures accurate calculations and compliance with HMRC requirements.
How and when do I pay CGT?
CGT is typically reported and paid through your self-assessment tax return. For residential property, you must report and pay CGT within 60 days of completion.
What happens if I don’t pay CGT on time?
Failure to report and pay CGT on time can result in penalties and interest charges from HMRC. It’s crucial to meet all deadlines to avoid additional costs.
Why Is Clarkwell & Co The Best Option For Capital Gains Tax Services In London?
Choosing Clarkwell & Co. means selecting the finest Capital Gains Tax service in London. Our dedication to excellence and client satisfaction makes us the go-to choice for tax services.
Expert Knowledge
Our team is well-versed in all aspects of capital gains tax.
Financial Enlightenment
We keep our clients informed about their tax obligations and rights.
Effortless Compliance
We manage all tax reporting and compliance on your behalf.
Relentless Pursuit Of Savings
Our strategies are designed to maximise your tax savings.
Our Core Services
Business Accounts and Tax Return
Ensure your business accounts and tax returns are accurate and timely with our comprehensive service. We handle everything from financial statements to tax filings, ensuring compliance and peace of mind.
VAT Returns
Simplify your VAT returns with our expert assistance. We ensure that your VAT submissions are accurate and compliant, helping you avoid penalties and streamline your financial processes.
Bookkeeping and Management Accounts
Maintain precise financial records with our bookkeeping and management accounts service. We provide detailed insights and reports to help you manage your business finances effectively.
Payroll and Pensions Auto Enrollment
Streamline your payroll and pension management with our professional services. We ensure accurate and timely payroll processing and compliance with pension auto-enrolment regulations.
Tax Planning and Investigations
Optimise your tax strategy with our tax planning services. We offer expert advice to minimise your tax liabilities and provide support during tax investigations, ensuring your business stays compliant.
Company Secretarial Services
Manage your corporate governance with our company secretarial services. We handle company formations, compliance filings, and administrative duties, ensuring your business meets all legal requirements.