When it comes to navigating the intricacies of Capital Gains Tax, working with an expert accountant can help simplify the process, ensure compliance and optimise your financial outcomes.
Based in York, Mollan & Co have more than 40 years of accounting experience and can guide you through everything from calculating Capital Gains Tax to allowance limits and strategic capital planning advice.
Whether you’re navigating the sale of property as a business or managing investments as an individual, our Capital Gains Tax accountants can provide clear and effective solutions tailored to your needs.
Contact us today to book your free, no-obligation consultation.
What is Capital Gains Tax?
Capital Gains Tax is a tax paid after selling certain valuable assets, such as property or investments. The amount is calculated from the profit you make from the sale, based on the original cost and any allowable loss deductions.
It’s important to note that certain assets, such as your own home, may be exempt from Capital Gains Tax under certain conditions. There are also reliefs available that can reduce the amount of tax you pay on specific asset types.
Common assets that are subject to Capital Gains Tax include:
- Property: The sale of real estate, including residential and commercial properties.
- Investments: Profits from selling stocks, shares and other investments.
- Business Assets: Gains from selling business assets, such as machinery.
- Personal Possessions: Certain valuable personal possessions, like artwork or antiques, that are worth more than £6000.
- Cryptocurrency: Profits from selling cryptocurrencies like Bitcoin.
The rules can vary, however, so it’s advisable to seek professional advice from an experienced accountant to understand the specific implications for your situation.
What is Capital Gains Tax Allowance?
The Capital Gains Tax Allowance (or Annual Exempt Amount) is the maximum amount of profit you can make from selling high value assets without having to pay tax on it.
The allowance resets yearly and the amount may change depending on HMRC and Government regulations. You’ll only pay tax on profits exceeding the limit.
The current Capital Gains Tax allowance for 2023/24 is £6000. For trusts, the limit is £3000.
Our Capital Gains Tax services include:
At Mollan & Co, WE work closely with our clients to develop a strategic plan aimed at minimising Capital Gains Tax liabilities. By analysing potential capital transactions, such as property sales or adjustments to investment portfolios, we can recommend ways to achieve your financial objectives while reducing your Capital Gains Tax.
- Recordkeeping and Documentation
Proper recordkeeping is crucial to ensure accurate Capital Gains Tax calculations. Our experienced team will assist you in organising and maintaining meticulous records of your financial transactions, from purchase and sale documents to expenses related to asset improvement and more.
- Tax Management and Submissions
We’ll take care of the efficient preparation and prompt filing of essential Capital Gains Tax documents, ensuring you maintain compliance and avoid potential penalties.
- Assessment of Exemptions and Allowances
Our accountants will analyse available Capital Gains Tax allowances and exemptions to help minimise your taxable amount.
- Preparation of new 60 Day Capital Gains Returns
We can assist with the meticulous preparation of HMRC’s new 60 Day Capital Gains Return for properties sold after 6 April 2020. If you’re a new client, this is something we can do as a one-off project. Contact us today to learn more.
As your Capital Gains Tax accountants, we can help identify gains, explore deductions and provide personalised strategies to reduce the amount of tax you pay.
Whether you’re a business or individual – our team have more than 40 years of experience and are fully dedicated to ensuring your financial success.
Get in touch today to book your free, no-obligation consultation.