Capital Gains Tax
CAPITAL GAINS TAX
Capital Gains Tax
Selling property, land, shares, a piece of art or a vehicle. Does gifting avoid tax? It can get complicated which transactions are within the remit of capital gains tax. Capital gains tax comes into effect when capital assets, shares, property or a business is sold. Certain items are specifically exempt from capital gains tax such as your personal motor vehicle, personal possessions such as paintings, jewellery up to £6,000 and stocks and shares in ISA’s.
How can Avery Clifton assist you with Capital Gains Tax?
- We will work with you to ascertain the facts of each case from a capital gains tax point of view. This involves a detailed review of the use of the asset during the it’s ownership
- We will then provide a preliminary tax estimate based on the facts you have provided
- We will also review other assets you are disposing in the near future and whether the timing of the disposal should be bought forward
- We then use our tax experience to ascertain which allowances, reliefs and exemptions can assist you to reduce your tax bill. We look at the availability of such relief’s to see whether the criteria is met
- For businesses, amongst other reliefs, we also look at taper relief to see whether we could reduce the rate of tax from 40% to 10%
- For individuals, some of the reliefs are: entrepreneurs’ relief, reinvestment relief and principal private relief, for which the rules have changed
- We always advise you should plan and seek professional advice in advance of disposing an asset
- We can assist in planning how capital gains tax payments can be deferred, creating a cash flow advantage for you
- Planning before agreeing a sale is the best way forward to ensure you are eligible to all claims and reliefs that may be available to you.
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I moved over to Avery Clifton after being with my previous accountant for a long time. I then found out what I had been missing in an accountant all these years - good customer service and being prompt with communication.
From the get go, Avery Clifton have been responsive to my changing tax situation, handling every aspect of my business efficiently.
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Avery Clifton has undertaken work for me which required sifting through volumes of data, analysing it and presenting it in a way that was acceptable to HMRC. They were always on hand to answer my endless questions, willing to go above and beyond.
I was updated at every stage, there was never a time I had to ask what was happening with my case.
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I have been using Avery Clifton and their legal associates for a number of years for my company and feel confident that my accounts are in capable hands. They explain things in an easy to understand manner.
The charges are reasonable with a clear pricing system. I'm glad that I found them and have gone on to recommended them to my clients.
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After been charged for every meeting with my previous accountant, I found Avery Clifton and realised that this was not the norm.
They have been marvelous with my business and they have also taken care of my other non-business issues.
Not only have I found an excellent accountant, but also someone very kind and caring.
Get in touch
77 Albert Road, Caversham, Reading Berkshire RG4 7AW
Office 0118 907 9224
Mobile 075 4014 4917