Get specialist advice, work with our Capital Gains Tax accountants
Capital Gains Tax (CGT) is levied on the disposal of chargeable assets by any UK-resident individual – the laws around it, however, can be pretty complex.
You must ensure transactions on selling a business asset, shares or property are structured as tax-efficiently as possible.
That’s where we at Lyel Accountants come in.
WE ARE THE EXPERTS
Our Capital Gains Tax accountants know what they’re doing
As a specialist tax consultancy, we offer tailored Capital Gains Tax strategies to individuals in Leeds, Bradford, Sheffield and elsewhere across the UK.
Whether you’re selling off your entire portfolio of assets or just a part of it, the rate of CGT levied depends on the nature of the asset being sold and your taxable income.
We have extensive knowledge of CGT and can help you reduce your tax bill. We’ll also calculate your tax liability and prepare and submit your CGT return within the 60-day limit to report residential property gains and make tax payments to HMRC. The earlier you start planning, the better.
REASON TO HIRE US
Why work with our capital gains tax accountants
- Our staff acts as your personal advisors and offers advice best suited to your needs. Tell us how we can help you.
- Count on our experience for structuring your investments for longer-term gains and tax efficiency.
- A non-resident in the UK? You could be liable for CGT on the disposal of UK property or land. We can help you out.
- There’s a dedicated client manager to keep you updated on any changes in tax laws or Capital Gains Tax rates.
- We can work at your office or from our premises - we’re highly flexible.
LET’S MAKE YOUR LIFE EASY
The Capital Gains Tax services we offer include
- Transferring assets into trusts
- Transferring business assets between family members for tax efficiency
- Claiming tax deductions on enhancement expenses and professional fees
- Taking into account other taxes that might apply, such as wealth or inheritance tax
- Deferring Capital Gains Tax liabilities by investing in an Enterprise Investment Scheme (EIS)
- Getting a reduced 10% Capital Gains Tax rate through investors’ relief or entrepreneur’s relief
- Claiming applicable tax reliefs when you replace or gift business assets or elect your principal private residence
CONTACT US ANYTIME
Let our Capital Gains Tax accountants reduce or defer your tax bill while ensuring compliance.
FREQUENTLY ASKED QUESTIONS
Got a question about the service our Capital Gains Tax accountants offer?
What is Capital Gains Tax?
CGT is a tax on the profit when an asset that has increased in value is sold or disposed of. Such assets could include:
- Shares not held in a PEP or ISA
- Property apart from your main home
- A business asset such as plant and machinery
- Your main home in any of the following circumstances if:
- It hasn’t always been your main home
- You have let it at any point in time
- You’re using it as a place of business
- It has a significant amount of land attached to it
- Most personal possessions that are worth more than £6,000
How does one avoid Capital Gains Tax in the UK?
Avoiding CGT entirely is often not possible, but there are several instances where you may benefit from the tax legislation:
- If you sell the main home you’ve lived in throughout and never let out (in whole or part) to anyone, you don’t need to pay CGT.
- It’s also possible to obtain incorporation relief to escape CGT when transferring properties into a limited business.
- Each tax year, individuals in the UK have a tax-free allowance for capital gains. If your total gains are below this threshold, you won’t have to pay CGT.
- Transfers of assets between spouses or civil partners are typically CGT-free. If your spouse or civil partner has not used their annual exempt amount, transferring an asset to them before selling it could reduce the overall CGT liability.
- Investing in qualifying companies through EIS or SEIS can offer CGT deferral or exemption under certain conditions.
- If you give an asset to a charity, you typically won’t have to pay CGT on it.
This list is obviously not exhaustive, and we’re happy to consult you for free and clear any doubts regarding CGT exemption.
SECTORS WE SERVE
Receive bespoke help from
our Capital Gains Tax accountants
- CONSTRUCTION INDUSTRY SCHEME [CIS]
We specialise in navigating the complexities of CGT for construction entities under CIS. We can calculate and report gains or losses on property and equipment sales, helping you meet all tax obligations.
- HEALTHCARE
In healthcare, CGT management often involves assets like medical equipment and property. Get strategic advice from our staff for minimising liabilities and maximising tax relief opportunities specific to healthcare investments.
- HOSPITALITY
For hospitality businesses, we handle CGT calculations on the sale of assets such as properties and fixtures, offering guidance to reduce tax impact and reinvest effectively in your business. Our Capital Gains Tax accountants won’t disappoint.
TESTIMONIES OF EXCELLENCE
Appreciation our clients
have showered on us
"LYEL Accountants really helped me when other wouldn’t. Professional, efficient and cost effective."
Muhammad Abbas
Owner
"Professional, very helpful and excellent team to work with. I am very pleased with their work and highly recommend them!"
Reza Ghaffari
Owner
"I have obtained great advice from this accountancy firm, they are very professional and provided a fantastic service. I would highly recommend to everyone. Thank you for your assistance."
Satty Ali
Owner
"Brilliant service! My accountant, Ishfaq, is always there to help me with everything I need and more. He advises me not only about my finances but also helps me in understanding some business queries. Highly recommended!"
Adriana Clark
Owner
"This is a best place for your basic accounting needs. On top of that they are offering tailored services to boost your business at a very competitive price. The staff is very welcoming and deals in a friendly manner. You will be amazed at the speed of service you are likely to receive which is an added benefit. Definitely recommended!"
Rehan Javed
Owner
"Mr.Shah and his staff are very professional and great to work with. They always have your best interest in mind! I have been doing my taxes with Shah since 2015 and aside from helping me get the most out of my returns, He has been a great financial adviser in the building up of my business. Highly recommend!"
Waqas Ansaar
Owner
