Learn about the services accountants can offer those with capital gains.
If something is sold for more than the purchase price then there may be tax to pay on the difference.
That is a very basic definition of capital gains tax – in reality the tax is a lot more complicated and varies depending upon where the sale is for a chargeable asset, whether it is an individual or company involved in the sale and what specific capital gains tax allowances and reliefs can/have been applied.
There is a separate tax allowance applicable to capital gains and it is unrelated to the tax-free personal allowance applied to general income. Capital gains tax is only charged upon the determined chargeable value once it exceeds the allowance amount.
Since 2006 the rates for capital gains have taken on a more complex structure with residential property being charged higher rates than other types of asset.
Companies making capital gains are actually making chargeable gains and these are treated as profits and charged corporation tax like other profits. There are factors that can reduce the amount perceived as ‘profit’ such as indexation allowance (inflation), reinvestment of the gain and investment schemes.
Services accountants can offer those with capital gains include:
We are a lead generation facility for accountants located across the UK. We provide our visitors with the ability to search for accountants directly or provide details of the work they require and seek out accountants looking for clients with similar circumstances. Users of this website are assured that their personal details are not distributed to more than one accountant and that accountant is then allowed to contact the user to discuss the service the accountant can provide. All data transmission on this website and administration facility is carried out under full 256-bit SSL encryption.