Capital Gains Tax Advice is a modern day necessity as it’s a tax
charge payable on an increase in value on certain assets owned. These
belongings could range from shares to antiques, second homes etc. The
tax is payable when you sale or give them away. A lot of the population
now own buy to let property as a means of their personal pension.
Year on year the capital gains tax allowances and rates vary therefore
it is important to seek Capital Gains Tax Advice on buy to let property
from a professional Tax Accountant.
The differential in tax rates between UK income tax at 50% and Capital
Gains Tax at 18% is unsustainable. Soon the government will seek to
close the gap but if only it were entirely that simple. UK Chancellors
past and present have for many years been trying to simplify the
Capital Gains Tax system only to end up making it more complex.
Whilst seeking capital gains tax advice on buy to let property for
planning purposes, it is vital to take all taxes into account, not just
the one you are trying to avoid! There is little point doing one thing
to save inheritance tax if at the same time by taking this action you
inadvertently give yourself a capital gains tax liability. Capital
gains tax rate is much lower than income tax rate but with good capital
gains tax advice on buy to let property
and planning, one can further reduce the CGT bill. There are several
ways by which capital gains tax advice on buy to let property may help
you reduce your CGT bill, legally of course. This calls upon good
advanced planning by professional offering capital gains tax advice on
buy to let property portfolio, rather than reacting to a tax event.
Whether you have inherited assets, bought a second home or you have
developed an extensive investment portfolio, we strongly suggest that
you consider the getting Capital Gains Tax advice accountants (CGT)
upon a disposal. Professional advice should always be sought before
transferring or selling an asset as CGT liabilities can be deferred,
mitigated or even prevented with the right planning. Experienced and
professional Capital Gains Tax advice on buy to let property can guide
you through your sometimes complex obligations, provide a personal
planning strategy, and ensure that complete compliance with all your
legal obligations is ensured.
People are generally aware that gains made on the sale of their own
home should be exempt from Capital Gains Tax, but where more than one
property is held or occupied, even if one is rented, complications can
arise. Expert Capital Gains Tax advice on buy to let property can help you identify how to ensure the receipt of the maximum relief.
There are many other issues that will affect the relief that may apply.
In addition there will also be a number of tax implications and
charges that may be applicable when considering Capital Gains Tax.
Capital Gains Tax Advisers can assist you on:
• Retiring or selling your business – securing benefits from entrepreneur’s relief
• Reinvestment of proceeds already gained into qualifying investments
• Income tax deduction on overlooked reliefs
• Identifying the types of reliefs available to you
Contact Capital Gains Tax Advisers today if you would like to discuss
how you are affected by the implications of UK CGT and how we can help
you mitigate it.