Professional and expert Capital Gains Tax Advice is an everyday necessity as it’s a tax charge payable on an increase in value on certain assets owned. These possessions could range from shares to antiques, second homes etc. The tax is payable when you sale or give them away. A lot of the population now own buy to let property as a means of their personal pension.
From one year to the next, the capital gains tax allowances and rates vary therefore it is important to seek CGT Tax Accountant from a professional Tax Accountant.
The gap in tax rates between UK income tax at 50% and Capital Gains Tax at 18% is unsustainable. Sooner or later the government will seek to close the gap but if only it was entirely that simple. UK Chancellors past and present have for many years been trying to simplify the Capital Gains Tax system only to end up making it more complex.
Whilst seeking Tax Accountant for planning purposes, it is crutial to take all taxes into account, not just the one you are trying to avoid! There is no point doing one thing to save inheritance tax if at the same time by taking this action you inadvertently give yourself a capital gains tax liability. Capital gains tax rate is much lower than income tax rate but with good CGT Tax Accountant advice and planning, one can further reduce the CGT bill. There are many ways by which CGT Tax Accountant advisers may help you reduce your CGT bill, legally of course!! This requires good advanced planning by professional offering CGT Tax Accountant advice rather than reacting to a tax event.
Should you have inherited assets, bought a second home or you have developed an extensive investment portfolio, we strongly suggest that you consider the getting Capital Gains Tax advice accountants (CGT) upon a disposal. Professional and expert tax advice should always be sought before transferring or selling an asset as CGT liabilities can be deferred, mitigated or even prevented with the right planning. Experienced and professional Tax Accountant advice on CGT can guide you through your sometimes complex obligations, provide a personal planning strategy, and ensure that complete compliance with all your legal obligations is ensured.
Most people are aware that gains made on the sale of their own home should be exempt from Capital Gains Tax, but where more than one property is held or occupied, even if one is rented, complications can arise. Expert Capital Gains Tax advisers can help you identify how to ensure the receipt of the maximum relief.
There may be several other issues that will affect the relief that may apply. In addition there will also be a number of tax implications and charges that may be applicable when considering Capital Gains Tax.
Whilst the list in not exhaustive, CGT Tax Accountant can assist you on the following :
• Retiring or selling your business – securing benefits from entrepreneur’s relief
• Reinvestment of proceeds already gained into qualifying investments
• Income tax deduction on overlooked relief’s
• Identifying the types of reliefs available to you
Contact CGT Tax Accountant today to discuss how you are affected by the implications of UK CGT and how we can help you best mitigate it.