Capital gains tax Accountant

Name: Redwood Accountants (Rugby)
Address: Eastlands Court Business Centre, Rugby, Warwickshire, CV21 3QP, GB
Telephone: 01788 486075
Price range: £100 - £3000
Rating: 5

Capital Gains Tax

Helping you minimise your capital gains tax burden by utilising all available reliefs.

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Capital gains tax

Are you thinking of selling an investment property, shares, or a valuable belonging? In the UK, you might be liable for Capital Gains Tax (CGT) on any profit you make. At Redwood Accountants (Rugby), I can help you minimise your tax burden by utilising all available reliefs.

What is Capital Gains Tax?

CGT is a tax levied on the profit you make when you dispose of an asset that has increased in value. This applies to various assets, including:

Property (excluding your main residence)
Shares and stocks
Antiques and valuables

How Does CGT Work?

It's important to understand that CGT is applied to the gain you make, not the total selling price. Here's the basic process:

Calculate the Gain:
Subtract the original purchase price (plus any improvement costs) from the selling price.
Apply the Tax-Free Allowance:
The good news is there's a yearly tax-free allowance (currently £3,000 for the 2024/25 tax year). This means any gains below this amount are not taxed.
Pay Tax on Remaining Gain:
If your gain exceeds the allowance, the remaining amount is subject to CGT.
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Capital Gains Tax Rates:

The rate of CGT you pay depends on your income tax band:

Basic Rate Taxpayer (income below £50,270): 10% for most assets and 18% for residential property (not your main residence).
Higher or Additional Rate Taxpayer (income above £50,270): 20% for most assets and 24% for residential property (not your main residence).

Reducing Your CGT Bill:

There are several ways to minimise your CGT liability:

Utilise Your Tax-Free Allowance: Make sure you claim the full £3,000 annual allowance to offset your gains.
Offset Losses Against Gains: If you've made losses on other asset sales in the same tax year, you can offset those losses against your capital gains, potentially reducing your tax bill.
Hold Onto Assets: Generally, the longer you hold an asset, the lower the CGT rate may be due to inflation increasing the cost base (the original purchase price).

Selling an asset can be smart, but navigating Capital Gains Tax (CGT) can be tricky.

Redwood Rugby Accountants can help ensure you claim all your allowances and explore strategies to minimise your CGT bill. I stay up to date on all CGT regulations specific to the UK, and I'll work closely with you to understand your unique situation. Don't let tax worries overshadow your gains. Contact Redwood Rugby Accountants today for a free consultation and see how I can make your capital gains work harder for you.

Get in touch Call 01788 486075

Contact Redwood Accountants for professional accountancy advice tailored to your needs.

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info@redwood-accountants.co.uk 01788 486 075 07561 898 027 WhatsApp me

Joe Judge from Redwood Accountants (Rugby)

Customer testimonials

Reviews

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John

Would highly recommend Redwood. Joe was always quick to reply and gave great advice and helped me with my Tax return questions. I will definitely use Joe and Redwood Accounting again in the future.

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Josh

I contacted Redwood to help me register for self-assessment and submit my first ever tax return. Joe was really easy to talk to and professional and helped me understand the process and utilise all of my available tax allowances. I would definitely recommend Redwood Accounting to all of my friends and family.

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Ian Dunn

Excellent service , not only very competitive cost wise, but also very professional and knowledgeable, Redwood is now my go to for my company accounts service. Thank you

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Ravi Navath

I am certainly going to recommend Redwood Accounting. Initially, I reached out to Joe Judge solely for filing our company accounts with Companies House, and he understood our situation and provided a highly reasonable quote. Even though we hadn't conducted any business since establishing the limited company with Companies House, Joe recommended and completed additional necessary filings, such as full tax filing with HMRC, without any additional fees. He promptly addresses all our inquiries. I'm certain that I'll be utilizing his services again in the future

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Robyn Churchill

Joe is by far the best accountant we have ever had. Always there to guide us and offer advice, would 💯 recommend!

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Susil Bains

The service provided by Redwood Accounting, Tax & Payroll is exceptional. Their expertise, attention to detail, and ability to simplify complex financial matters have been invaluable. They're always up-to-date with tax regulations, and their dedication to my financial goals is impressive. I highly recommend Joe to anyone in need of a knowledgeable, responsive, and client-focused accountant. Thanks to them, managing my finances has become a breeze.

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Manny Singh

I recently had the pleasure of working with Redwood, and I must say, their services exceeded my expectations. The team demonstrated a profound understanding of financial intricacies, providing insightful advice tailored to my business needs. Their commitment to accuracy and attention to detail instilled confidence in the reliability of their work. The seamless communication and prompt responses further added to the positive experience. I highly recommend them for anyone seeking professional and trustworthy accounting services.

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Mandeep Kaur

I recently engaged with Redwood Accounting and I'm thoroughly impressed. Their team is not only friendly but also exceptionally organised, ensuring a smooth and stress-free experience. They consistently deliver timely and accurate results, going the extra mile to address any concerns. Highly recommend for a reliable and client-focused accounting service.

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Raman Sagoo

We have been using Joe for our self assessment returns and general financial advice for over a year. We find him highly knowledgeable and he offers effective solutions and guidance to all tax related queries. He is responsive and works around our schedule during evenings and weekends. We recommend Joe and the Redwood team for all tax and accounting related work.