Capital Gains Tax
OUR CAPITAL GAINS TAX SERVICE
If you are in possession of capital assets such as property, shares or artwork, it is probable that you will need to pay capital gains tax on the profit on disposal. This can result in a complicated process depending on the transaction type.
Our process focusses on the subtleties of capital gains tax, allowing you to take full advantage of relevant reliefs and exemptions.
We will:
– Prepare the profit from sale of your asset or assets and determine after reliefs what your tax charge will be.
– Finalise and submit your Capital Gains Tax return
– Assist in tax planning especially in the assistance where several taxes overlap, for example Stamp Duty & Inheritance Tax.
WHY OUTSOURCE YOUR CAPITAL GAINS TAX?
The legislation around Capital Gains Tax is everchanging and full of nuances and complexities. As a result, it is common to find yourself paying the incorrect amount of tax. Through the effective use of reliefs and exemptions this tax charge can often be reduced, therefore seeking assistance from an accountancy practice may be highly beneficial.
Legislation currently requires sellers to declare any gains following 60 days of the sale, failing to declare within this deadline could result in the issuing of a penalty payment and interest on the payment.
At Henry Thomas we will:
– Submit a complete and timely CGT return on your behalf, reducing your administrative burden.
– Use our internal knowledgebase to ensure your bill is reduced both efficiently and legitimately
– Offer you a clear process, with information presented throughout in a transparent, easy to comprehend way.