What is Capital Gains Tax and do you need to pay it?

Capital Gains Tax (CGT) is a tax on any profits you make whenever you sell (dispose of) an asset that has become more valuable since you received it.

You will have to pay a percentage of tax on the actual gain itself, not the entire amount of profit.


Get a Quote

Do I have to pay Capital Gains Tax?

You may have to pay CGT on the following:

  • Business assets and shares
  • Shares that aren’t in an ISA or PEP
  • Personal possessions worth over £6,000 (not including cars)
  • Property you own besides your main home
  • Your main home, but only if it’s large, let out or used for business

You may still have to pay Capital Gains Tax even if these assets are a gift or transferred to someone else. Even if your asset is lost or destroyed, you may have to pay CGT on any insurance pay out you receive.

The good news is that there is a tax-free amount you can earn up to before becoming liable. If anything you sell or dispose of is under £12,000 in value, you will not be liable for Capital Gains Tax. This is known as an Annual Exempt Amount.

How we can help

Unsure about whether you’re liable or how to work out how much you owe?

Getting help with Capital Gains Tax from a qualified accountant is always the safest option. We will be able to put your mind at ease and ensure that you’re doing everything accurately and legally.

With our service, we will:

  • Check whether you’re liable for Capital Gains Tax
  • Calculate how much Capital Gains Tax you owe
  • Help you report any gains through the real-time Capital Gains service or through your usual Self Assessment returns
  • Help you reduce your overall tax liability, so you’re not paying more than you need to.

Make sure you get help from a experienced accountant so you can rest easy. Get a quote from us or sign up today!


Testimonials

See what our clients have to say about us



Jas Rai

❝ Great service! You really get the tailored service from Faisal and the team. Really enjoy working with Countplus ❞


28 Oct 2019

Wendy Denny

❝ Excellent reliable and professional service! ❞


27 Oct 2019

Alan Shaw

❝ I have used Faisal as my accountant for many years and he has always given me excellent advice and prompt attention. He has also helped my daughter become a sole trader and looks after her accounts. ❞


12 Oct 2019

Manuel Pedro Da Costa

❝ I am very satisfied with CountPlus Service they provide me a excellent service from the payroll, tax return, Vat etc. Account plus never let you down, company with great directions I can recommend to everyone that is strongly with account issues. Place contact them. ❞


12 Oct 2019

Dhm By Isang Ltd

❝ Very informative and helpful. Answered all my queries with regards to account reviews. ❞


12 Oct 2019

Dorothy Ogwuru

❝ Faisal has been my accountant for 5 years and i couldn't and wouldn't trust anyone else. Amazing service!!! Highly recommend! ❞


11 Oct 2019

Accountants in

Countplus Accounting is an accounting practice which supports small to medium-sized businesses with a range of tax and accounting needs.


Looking for a First-Class Tax Adviser?