Capital Gains Tax (CGT) is a tax on the profit – or gain – you make when selling an asset. You do not have to pay CGT if your gains for the tax year are below your yearly tax-free allowance.
Our tax expertise in this area means that we can help you understand the rules and, more importantly, the reductions and exemptions available. We can break these down for your situation and talk you through the complicated aspects, along with preparing what-if calculations and quantifying the tax payable.
No one likes surprise tax bills, and with our help and guidance, they can be avoided.
We can help you:
Understand the best way to own assets to maximize relief between a husband and wife or across a family, including divorce issues.
Plan how and when to make a sale or gift, making the best use of available losses, allowances, waivers, and exemptions.
Establish share valuations and business valuations
Review whether you need to report disposal and when and how to do so, along with preparing your tax return or any non-resident CGT return (as applicable)
Obtain HMRC’s approval to any valuation aspects for certainty on the tax payable ahead of when it is due and to reduce the risk of a Tax Investigation
We also offer experts tax advice on maximizing Entrepreneurs’ Relief and Rollover Relief, steering you away from the common pitfalls. Although the reliefs can be generous, it is important to carefully review your position to ensure the conditions are met well ahead of a planned exit.
Get in touch with our accounts team to find out more about what we can do for you.