Capital gains tax advice

Help with reporting capital gains tax

We can help calculate any tax due and ensure that any sales or other disposals (such as gifts of assets for no consideration) are reported to HMRC. Reporting losses is as important as reporting gains. You may be required to report a sale of an asset even if a gain or loss does not arise , including scenarios involving capital gains tax on business assets and capital gains tax on residential property. We might also be able to help with capital gains tax planning in advance of any disposal of an asset to ensure the most efficient use of available reliefs and allowances, such as leveraging the annual tax free allowance and considering market value.

Capital Gains tax is a tax on profits when you sell an asset which has increased in value and the rate charged depends on your overall income, the gains level and the nature of the asset sold. We can help calculate the tax due and ensure that any sales are reported to HMRC after claiming all possible reliefs, including determining the long-term capital gains tax rate and addressing short term capital gain considerations. Everyone is entitled to an Annual Exemption from this tax and the allowance for 2024/25 is £3,000 for individuals and £1,500 for most trusts. Even if your gain is within the allowance, you may still need to report it to HMRC, especially when considering total capital gains and taxable gains.

Some assets such as cars, your home, ISA investments, Premium Bonds and Lottery winnings are not chargeable to capital gains tax.

60-Day CGT Returns for UK Residential Property

Individuals selling UK residential property are required to report the taxable gains and settle the CGT arising within 60 days of sale.

If you are considering selling residential property and would like to better understand the tax implications or if you require assistance with reporting a sale of residential property to HMRC, our team would be happy to help.