Capital Gains Tax
As chartered tax advisers and qualified accountants, with decades of expertise, we help small businesses and individuals navigate UK tax and accounting with confidence. Our independant, friendly and regulated firm provides clear and practical advice you can trust.
When does capital gains tax apply and when must a return be filed and the tax paid?
Capital Gains Tax is a tax levied on the profit made on the sale of a qualifying asset and applies to both individuals and businesses. The amount of tax payable can depend on the type of asset, what it was used for and how long it was held.
What assets are subject to Capital Gains Tax?
Capital Gains Tax is applicable to a broad spectrum of assets including: sale of property, sale of an interest in a business, disposal of shares and securities, business assets such as machinery, personal possessions such as jewellery or art work, overseas investments or property and the sale of crypto currency.
What are the rules for calculating Capital Gains Tax?
Depending on the type of asset being disposed of different reliefs can be applied in the calculation of Capital Gains Tax. Specific rules apply to the sale of residential property and landlords may be eligible for Letting Relief. The sale of shares by individuals can be made more complex if they involve a bonus or rights issue. Some assets are exempt from Capital Gains Tax e.g. "wasting' assets" that are not used for business purposes. A wasting asset is broadly an asset that has an expected useful life of less than 50 years.D
How is Capital Gains Tax paid?
"The team at Boxwood have managed my personal tax return preparation and filing since 2016 and I have found them really helpful and approachable. They are always available to answer any questions and I would have no hesitation is recommending them."
Hans-Werner at
Deutsche-Hypo Bank
Typically, individuals will report Capital Gains as part of their annual Self Assessment submission. The amount chargeable will depend on the individuals tax band and the asset type e.g. residential property is taxed at a higher rate. If Capital Gains Tax is applicable on the sale of a residential property then it must be paid and reported within 60 days of the completion date.
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How we can help
Our team are experienced and knowledgeable in all areas of Capital Gains Tax which can be a particularly complex area of tax legislation.
Our Chartered Tax Advisers can work with you to understand your individual circumstances to ensure you have the information to optimise your Capital Gains Tax.
Reliefs and allowances
There are a number of exemptions, allowances and reliefs which may be applicable to help minimise Capital Gains Tax liability. Prior losses on the sale of assets can also have an effect on tax payable.
Advise on what assets are applicable
We can advise on which assets attract Capital Gains Tax. If you are disposing of shares we can assist with share matching rules and the treatments required depending on how shares were issued.
Precise calculation of tax
Our team will help ensure that all eligible income and expenses have been identified, which is critical to calculating CGT correctly e.g. transaction costs , acquisition expenses and capital improvements.
Tax planning
We offer a completely complimentary initial consultation.
Why not give one of the team a call today to get
answers to any questions you may have.
WHAT OUR CLIENTS SAY
"Boxwood have been our accountants for a number of years and provide us with advice and support. We have always found the team helpful and professional. They are always available to chat through any questions we may have and we no longer worry about getting our tax filed on time."
John at Bentley Consultancy Services Ltd
"The team at Boxwood have managed my personal tax return preparation and filing since 2016 and I have found them really helpful and approachable. They are always available to answer any questions and I would have no hesitation is recommending them."
Hans-Werner at
Deutsche-Hypo Bank
"The team at Boxwood have been our accountants since 2014 and have always been helpful and proactive. They help us with our VAT, payroll and year-end filings. They always remind us when there is an approaching deadline and we no longer have to worry about our accounting and tax."
Karen at Chomp
Creative Ltd
Why choose us?
Keeping on top of your accounting and complying with tax legislation can be overwhelming. Partnering with the right accountants and tax advisers will make a real difference; saving time, money and worry and allowing you to focus on growing your business with peace of mind.
Fully regulated Chartered Tax Advisers & Accountants
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initial consultation
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19 years as advisers with almost 1,000 satisfied clients