Capital Gains Tax, reported correctly

Capital Gains Tax may apply when you sell or otherwise dispose of an asset for a gain. The result depends on the asset, your circumstances, exemptions and available reliefs. Not every disposal creates a tax bill.

Your main home may qualify for Private Residence Relief, but the outcome depends on how it has been owned and used. Letting, business use or periods away can affect the calculation. We can review the facts before you assume no reporting is needed.

Some acquisition, disposal and improvement costs may be allowable. Day-to-day repairs and other costs are not automatically deductible. Keep documents so each cost can be assessed under the relevant rules.

Allowable capital losses can often be used against gains, subject to the reporting rules. Their timing and how they are claimed matter. We can check which losses are available for your calculation.

Some UK property disposals must be reported and paid for sooner than the usual Self Assessment deadline. The requirements depend on the property and your residence status. Ask for advice before completion so you can prepare in time.

Bring purchase and sale documents, dates, relevant costs and details of how the asset was used. Information about other gains and losses may also be needed. A free proposal meeting helps establish the work required.