Capital gains tax
Capital gains tax accountants in Swansea & South Wales
When you sell something that’s gone up in value, you might find yourself subject to capital gains tax, commonly known as CGT.
Property is one area where CGT can hit especially hard. Selling or handing on a business is another.
As part of our tax planning service, we can advise on heading off surprise tax bills and minimising your tax liability. That might mean claiming allowances, deducting allowable expenses, claiming tax reliefs, establishing sensible ownership structures, or some combination of the above.
Capital gains tax advice
When you come to us for advice on CGT, we’ll also guide you through decisions around whether to dispose of assets in the form of gifts, to sell them, or even swap them.
We’ll suggest ways in which you and your partner or spouse can maximise available allowances. And we’ll take into account how CGT overlaps with other taxes and associated reliefs, such as entrepreneurs’ relief and investors’ relief on shares.
When thinking about succession planning in particular, the ways in which inheritance tax and CGT interact means this always requires serious thought. There are also specific rules around CGT that apply to those who are non-residents for tax purposes and for assets held in trusts.
Because CGT is complicated, and will invariably cut across your personal and business finances, a consultation is always the best place to start – get in touch today.
If your tax affairs come under HMRC’s scrutiny, here’s what you need to know.