Capital Gains Tax Planning and Advice in Northampton
Capital gains tax (CGT) planning is essential if you are planning to make a disposal of a capital asset, such as a share of a business or a company, stocks and shares, or a property. Selling or gifting these assets can impose CGT liabilities on you.
The CGT rules are nuanced, evolving and often complex to understand, which is why we recommend thorough and informed CGT planning. Our CGT specialists in Northampton help individuals and business owners in Northampton and the surrounding area calculate how much CGT they owe, claim applicable tax reliefs, and time their disposals accordingly for the benefit of their recipients.
Need specific CGT advice from professional tax advisors? Look no further than Elsby & Co. Book a free, no-obligation CGT consultation with one of our experts today.
Our CGT Accountancy Services
Our CGT accountants in Northampton can help you in a wide range of measures pertaining to the following:
- Calculating payable CGT on disposals – Whether you’re selling a property or a share of a company or stocks, then you may need to pay CGT (the difference between what you paid and what you sold or disposed of it for). Our tax specialists can assist and guide you through the process.
- Business assets – Eligibility testing for Business Asset Disposal Relief (BADR), Entrepreneur’s relief (ER) and other reliefs, as well as succession planning after a business is due to be sold or part-sold.
- Gifting and family transfers – We cab advise on hold-over or rollover relief where specific CGT criteria and conditions are met. Marrying this with our professional inheritance tax (IHT) planning services and we can ensure your tax burden is lowered as much as possible.
- Records and calculations – We can help you provide audit-ready calculations and schedules for your tax return. We will advise on clear CGT reporting procedures so you can meet your tax return deadline, as well as deal with HMRC queries (or, as part of our specialist service, oversee liaisons with HMRC on your behalf).
Advising on entrepreneurs’ relief
Starting a business is no easy feat, especially on your own as an entrepreneur. Some start-up businesses go on to succeed in selling their business, which is where entrepreneurs’ relief comes in handy. There are a number of reasons why entrepreneurs decide to sell their business, from not being satisfied with their company, or no longer having the time to manage it themselves anymore.
Entrepreneurs’ relief (ER) is available to individuals only; it is not available to companies. There are certain requirements entrepreneurial individuals need to meet in order to be eligible for ER. Elsby & Co have advisors who are readily available to provide advice, get in touch with us and see how we can help.
Other CGT areas we can help with
Our team here at Elsby & Co can also assist you with providing specialist advice on other available tax relief options and exemptions. Along with also providing guidance and assistance on transferring assets and making timely disposals.
What our clients say about us
CGT Tax Planning FAQs
- Can I deduct improvement costs on a property?
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Generally yes, if they are capital improvements (e.g., adding an extension), not routine repairs. Consult with our CGT accounting experts for complete reassurance.
- Do I have to pay CGT when transferring assets to my spouse or civil partner?
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Transfers are typically on a no-gain/no-loss basis when living together, which can help use both annual allowances and rate bands. Specific rules do, however, apply
- What if I make a loss on my asset value?
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Report it via your CGT and tax return form. Allowable losses can reduce current or future gains.
- How quickly do I need to report and pay CGT?
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Timeframes depend on the asset and date of disposal. We’ll confirm the relevant deadlines and handle the reporting for you.
