Capital Gains Tax Accountants

Are you a UK resident facing potential capital gains tax (CGT) on your assets?
Our specialised capital gains tax services are designed to help you navigate this complex area of taxation efficiently and effectively. Whether you're planning to dispose of property, sell shares, transfer a business, or part with valuable personal possessions, our team of experienced capital gains tax accountants are here to give you the correct advice.

Understanding Capital Gains Tax

Capital Gains Tax is levied on the profit or gain made when you dispose of an asset, such as selling stocks or real estate. The tax is calculated based on the difference between the purchase price and the sale price of the asset, with various factors affecting the final amount owed.

Capital Gains Tax Services

At Hysons, we offer specialised capital gains tax services to help individuals manage their CGT obligations. These services include:

Strategic Disposal Planning

Advising on the optimal timing of asset disposals to minimise CGT liability
Exploring exemption options to reduce taxable gains
Assessing eligibility and application for Business Asset Disposal Relief

Asset Transfer Strategies

Guiding tax-efficient transfers of assets to family members or trusts
Analysing CGT implications of various transfer scenarios

Integrated Tax Planning

Aligning CGT strategies with Inheritance Tax planning
Providing expert advice on Estates and Trust Planning for holistic wealth management

CGT Calculation and Reporting

Accurately calculating CGT payable on disposals
Ensuring timely and compliant reporting of capital gains

Personalised Support

Working closely with you to develop tailored strategies based on your unique financial situation and long-term goals

Expert Guidance

Helping you navigate complex tax landscapes while preserving and growing your wealth

Capital Gains Tax Advice From Hysons

At Hysons, Chartered Accountants, we can give advice on capital gains tax and help you navigate through the complexities and potentially reduce your tax liability. We can provide insight into:

Identify taxable gains and exemptions
Calculate your CGT liability accurately
Explore strategies to minimise your tax burden
Ensure compliance with reporting requirements

Capital Gains Tax Planning

Effective capital gain tax planning can significantly reduce your tax liability. Some strategies we use at Hysons, include:

Utilising your annual CGT exemption (£3,000 for 2024/25 in the UK)
Timing asset disposals strategically
Offsetting losses against gains
Taking advantage of tax-free investments like ISAs
Exploring relief options such as Business Property Relief or Principal Private Residence Relief

Capital Gains Tax Rates and Thresholds

Understanding the current capital gains tax rates is crucial for effective planning. As of the 2024/25 tax year, the rates are:
• 10% (or 18% for residential property) for basic rate taxpayers
• 20% (or 28% for residential property) for higher and additional rate taxpayers

Capital Gains Tax for Business Owners

If you're a business owner, we can help you navigate specific CGT issues such as:
• Calculating CGT on the sale of business assets
• Applying for Business Asset Disposal Relief (formerly Entrepreneurs' Relief)
• Understanding the implications of incorporating your business

International Aspects of Capital Gains Tax

For clients with international assets or those planning to move abroad, we offer specialised advice on:
• CGT implications of owning property overseas
• Double taxation agreements and their impact on CGT
• Exit charges when leaving the UK tax system

Capital Gains Tax Reporting and Payment

In the UK, CGT is typically reported through a self-assessment tax return. However, for certain disposals, such as UK residential property, you may need to report and pay within 60 days of the completion date.