In this article, our experts will discuss 9 proven methods that can help reduce Capital Gains Tax liability significantly. The changes to …
Capital Gains Tax Accountant & Advisor
Capital Gains Tax: What Is It?
Selling Property or Investments? Avoid Overpaying Capital Gains Tax!
Capital gains tax is often referred to as a ‘voluntary tax’ (as is inheritance tax), because with effective planning it can be avoided, reduced or delayed. Simply put, it’s a tax applied to the profit that is made when an individual disposes of an asset that has increased in value.
- Struggling with unexpected tax bills?
- Confused by HMRC rules?
- Unsure if you need an accountant for capital gains tax?
IBISS & CO provides expert Capital Gains Tax advice helping individuals and businesses reduce their tax liabilities on property, shares and other assets through tailored guidance and strategic planning.
Who Has to Pay Capital Gains Tax?
Note that the tax correlates to the ‘capital gains’ that are made – not the amount of money that is received. Whether a disposal is liable for taxation depends on if the asset has increased in value. Individuals who may incur capital gains tax in London include those with property or shares in a company.
With expert capital gains tax advisor in London and effective planning, however, it is possible to minimise capital gains tax liabilities.
Common Mistakes That Cost You Thousands in Capital Gains Tax
Selling property without tax planning
Misunderstanding reliefs and exemptions
Not working with a capital gains tax accountant in London
Waiting too long to seek advice and missing tax-saving deadlines
Without the right capital gains tax adviser, you could be losing money.
How IBISS CGT Advisors Help You
With careful planning and advice on capital gains tax and property – ensuring that capital assets are disposed of in such a way as to utilise annual personal CGT allowance to its fullest, for instance – individuals can reduce, delay or even avoid capital gains tax payments.
Our experienced team of accountants and capital gains tax advisors in London will work closely with you to provide capital gains tax advice and property and take advantage of all available reliefs and plan for any future liabilities. There are several approaches we can take, depending on how your affairs are structured – but broadly speaking, our specialism includes:
Reduce Your Tax Legally
Expert Capital Gains Tax Advisors
Making full use of your annual allowances.
Making full use of valid tax deductions (such as ‘banked’ indexation allowance and professional fees).
Making full use of all relevant reliefs (such as entrepreneurs’ relief, principal private residence relief, hold-over relief, rollover relief) and ensuring that you have the best chance of qualifying. The various reliefs available are attractive, but without expert advice, mistakes are easily made and these could affect your eligibility.
Planning for both domiciled and non-domiciled residents, to ensure that any movements do not result in unexpected UK capital gains tax
Reviewing whether trusts or pension funds could be useful in capital gains tax Reviewing whether previous losses could be used to reduce a CGT bill (capital loss relief).
Advising on industry-specific reliefs and regulations (such as the new CGT rules for non-resident landlords).
Advising on wills; a sensitive topic, but – in certain cases – a useful planning device.
Advising on ownership of assets in order to maximise reliefs within a family or between husband and wife; guidance regarding the transfer of assets in instances of divorce.
Next Step:
Please contact us if you need further Capital Gains Tax advice have any questions about our services, or would like a free consultation or a fixed quote.
Capital Gains Tax Advice
CGT can considerably affect your plans, mainly if you deal with large items. The taxation bills can be reduced by comprehending how CGT functions and aiming to avail oneself of the existing reliefs. Here’s what you must know about Capital Gains Tax in the United Kingdom.
Key Considerations for CGT
Here are some considerations for CGT:
Asset Types and Exemptions: CGT applies to several asset types, but there are notable exemptions: CGT applies to several asset types, but there are notable exceptions:
Primary Residence: If you decide to sell your main home, you do not need to pay CGT as long as the conditions are met. This is commonly referred to as Private Residence Relief.
ISAs and PEPs: Any stocks kept in Individual Savings Accounts (ISAs) and Personal Equity Plans (PEPs) are free from CGT.
Chattels: Other individual itemization includes personal belongings that are not liable to CGT, for they are considered negligible value should they be sold for less than £6000.
CGT Rates and Allowances
Understanding the applicable rates and allowances according to HMRC is importantl for effective tax planning :
Annual Exempt Amount: For the 2023/2024 tax year, everyone is allowed to earn £6,000 in gains, which is tax-free. Spouses entitled to joint use of some property can pool their allowances to £12,000.
Tax Rates: The amount depends on your chargeable gain, the income tax year in which your disposal took place, and the type of disposal. Basic rate taxpayers pay 10% in most asset categories and 18% in residential categories. On the other hand, the higher and additional rate taxpayers pay is 20% on most of the assets and 28% on the residential property.
Reliefs and Strategies
Several reliefs can help reduce your CGT liability:
Business Asset Disposal Relief: This titled down the CGT rates to 10% on shares in trading subsidiaries or other business assets up to a maximum lifetime of £1 million was formerly known as Entrepreneurs’ Relief. These reliefs are helpful, especially for those who intend to sell their businesses or retire.
Rollover Relief: However, if you use the proceeds of the sale of business assets to acquire other business assets, you postpone the CGT charge.
Gifting Assets: In some situations, moving an asset to your spouse or civil partner is entirely free from CGT. However, gifts to others activate a tax measure depending on the fair market value of such gifts at the time of giving.
Delaying capital gains tax payments
Advising on timings of imminent sales to maximise use of reliefs/exemptions (or spread these over more than one tax year). For example, investments and disposals associated with the Seed Enterprise Investment Scheme (SEIS) or Enterprise Investment Schemes may be eligible for capital gains deferral relief, but timing is crucial here to ensure the relief is available for the appropriate year.
Advising on how payments on capital gains might be delayed via the reinvestment of proceeds and claiming of EIS deferral relief; rollover relief; or holdover relief.
Ensuring that you do not pay more capital gains tax than you have to is an essential part of successful tax planning – and IBISS & CO outstanding chartered tax advisers will support you every step of the way. Both personable and professional, with years of experience in tax consultancy as well as accountancy, our highly-qualified specialists will also communicate with HMRC and complete all paperwork on your behalf – saving you both time and money. To learn more about our personal capital gains tax advice services or to book a free consultation, please contact us today.
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IBISS Offices Location
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London SW17 9NJ - 0208 626 7098
- 0203 808 0999
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Tooting
- 188 Mitcham Road Tooting
London SW17 9NJ - 0208 626 7098
- 0203 808 0999
- tax@ibissandco.com
- Schedule A Meeting
Tooting
- 188 Mitcham Road Tooting
London SW17 9NJ - 0208 626 7098
- 0203 808 0999
- tax@ibissandco.com
- Schedule A Meeting
Tooting
Frequently Asked Questions(FAQs)
Conversely, selling an asset for a lower price than you paid is a capital loss. Such losses are recoverable against other capital gains in the same period or depleted against future capital gains. Those selling their stocks for less are advised to report such losses to lower their CGT hit.
There is a profound exemption of gifting assets to the spouse or civil partner regarding CGT. But, giving labeled gifts to other persons can attract a CGT based on the asset’s value at the time of gifting. It is thus essential to note that most of these are avoidable through careful planning and strategic timing.
At IBISS, our experienced tax advisors can help you with:
- Explain any reliefs and exemptions that you can claim.
- PPM of asset disposals about taxation affecting its placement and timing.
- Challenges of dealing with the issues of reporting to enable the organization to meet the requirements of the ‘HMRC.’
Strategies For Reducing Your Capital Gains Taxation Burdens Establish procedures for dealing with CGT to reduce the overall amount.
If you have any CGT liability, you must pay it to the HMRC. This can be achieved by completing the self-assessment tax return or real-time Capital Gains Tax service. It should be spent on, or before the 31st of January of the tax year following the calendar year the gain was made.
If you:
- Own rental properties
- Buy and sell investments
- Run a business and plan to sell assets
Then YES you need a capital gains tax adviser to help you legally reduce your tax burden.
Capital Gains Tax
Advice to Protect Your Money
Get expert help to reduce your tax and keep more of your money. Contact us for clear, personalised advice.
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