Capital Gains Tax

Ackland Webb Accountants

If you have disposed of a capital asset, you may need to complete a tax return. We help you understand your obligations and complete the relevant documents. We also let you know whether you owe any capital gains tax.

Thinking of selling a property, asset or investment?

From 6 April 2020, the rules relating to the disposal of residential property are changing. From that date onwards, you’ll need to report such disposals to HMRC within 30 days of the sale (rather than in your annual personal tax return). This is especially relevant to landlords. Other changes are being introduced, including restriction of statutory residence exemption and withdrawal of residential lettings relief.

We always recommend getting advice on capital gains tax before selling property, assets or investments. Getting it wrong can have lead to paying too much tax or suffering error penalties. Sometimes, there are simple steps that you can take to reduce your overall tax bill, so it is always worth seeking advice before you undertake a transaction and afterwards to report it to HMRC.

If you would like to discuss how we might assist you, please contact us for a no-obligation initial meeting.

"Every individual has an annual allowance of £12,300. Make sure you own assets jointly to maximise any tax-free gains."

Want To Know More?

If you think this might suit your requirements, please give us a call or send us an email for an initial call back.