Capital gains tax, or CGT, is a tax on the profit you make from selling or disposing of an asset. It's charged at different rates depending on how long you've owned the asset for. Legislation frequently alters the allowances and reliefs that may be claimed, and rates can range from 10% to 28%. Therefore, it is crucial to have expert counsel and set up efficient pre-transaction arrangements before selling an asset in order to minimise, postpone, or even completely eliminate the tax burden and maximise the relief that is available.
To break it down more simply, Capital gains tax only applies to the portion of your gain that exceeds the total. Therefore, if you sold your second house for £300,000 after purchasing it for £200,000, capital gains tax might be due on any gains over your yearly exempt level for capital gains tax of £100,000. Which is why we're to help you navigate the complexities of this and provide you with Capital Gains Tax advice from our experienced team.
I had historically completed my own tax returns, but recently due to pressures of work had taken my eye off the ball.
We asked Nigel to analyse our financial affairs and he has already saved us many thousands of pounds, with the prospect of further bigger savings to come from previously declared returns.
He is diligent, communicative and we would recommend him without exception to anyone.
Working with Nigel has been a pleasure and very insightful.
His patient approach in explaining the account procedures of my business has been most welcome. As a start up company Nigel has taken away the pressure of the accounting side, which has saved my company time and put me at ease that the accounts are with a trusted and highly skilled professional person. Would happily recommend Nigel to any start up business or existing business.
I was so grateful and relieved to have found Nigel and given him both my corporate and personal tax affairs to deal with. Having had a somewhat chaotic experience with my previous accountant.
I was delighted to find that Nigel was efficient and communicative. Of greatest value to me was his willingness to be available and patient with all the queries I had, and there were many! Another immensely important aspect of the work he has done for me is that he has saved me money! I am finally worry-free regarding my tax affairs as I know I am in extremely good hands.
This is my first time being self-employed and I found the idea of being responsible for my own tax affairs a daunting experience.
Nigel, during our very first meeting, put my mind at ease with regards to tax payments and offered advice on the benefits of being VAT registered which I was previously unaware of. Nigel also advised and assisted with the transfer of my business into a limited company and took care of all the necessary paperwork required.
I am a natural worrier but Nigel responded quickly to my queries, whether by email or face-to-face meetings, and I am confident that my business is in safe and competent hands.
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