Capital Gains Tax Advice is a modern day requirement as it's a duty charge payable on an increase in value on the possessions we own. These possessions could cover anything from shares to antiques, second homes etc. The taxes is payable when you sale or give them away.
Year on 12 months the main city gains tax allowances and rates vary therefore it is important to seek Capital Gains Taxes Advice from a professional Tax Accountant.
The big difference in tax rates between UK tax at 50 percent and Capital Gains Duty at 18% is unsustainable. Sooner or later the federal government will seek to close the gap but if only it were totally that simple. UK Chancellors past and present have for many years recently been trying to simplify the Capital Gains Tax system only to conclude rendering it more complicated.
In capital profits tax planning it is essential to take all taxes into consideration, not simply the one you are attempting to avoid! There is no point doing one thing to save inheritance tax if at the same time by taking this process you inadvertently give your capital gains tax liability. Capital gains tax rate is much lower than income tax rate but with careful capital gains taxes advice and planning, one can further reduce the CGT bill. There are several ways with which Capital Gains Tax may be reduced, legally of course. This requires good advanced Capital Gains Tax advice and planning, rather than reacting to a taxes event.
Whether you have inherited assets, bought a second home or you have developed an intensive investment portfolio, you will require to consider the Capital Benefits Tax (CGT) consequences of your disposal. Professional advice should be sought before copying or selling an advantage as CGT liabilities can be deferred, mitigated or even prevented with the right planning. The experienced and professional Capital Benefits Tax advisors can guide you throughout your sometimes complex obligations, offer a personal planning strategy, and be sure that complete complying with your entire legal responsibilities is ensured.
Most people are aware that benefits made on the sales that belongs to them home should be not affected by Capital Gains Tax, but where more than one property is held or occupied, even if one is rented, difficulties can arise. We can help you identify how in order that the receipt of the maximum relief.
There are many other issues that will affect the relief that may apply. In addition there will also be several of tax effects and charges that may be applicable when contemplating Capital Gains Tax.
Our Capital Gains Tax experts can advise you on:
- Retiring or selling your business - securing advantages from entrepreneur's relief
- Reinvestment of proceeds already gained into qualifying opportunities
- Income tax discount on overlooked relief's
- The types of relief's available to you
Get in touch with us today to talk about how you are afflicted by the implications of UK CGT and how we can help.