Accountant for Capital Gains Tax

Specialist Capital Gains Tax Accountants

As a business owner, you may sometimes choose or need to sell, or otherwise dispose of, business assets that are particularly high in value. These can include property, land, equipment, shares or even some or all of the business itself. 

In the process, you might gain more money than you originally spent on the asset. However, you could also have to pay what is known as Capital Gains Tax (CGT) on this profit.

The rules about CGT, and how costs of it can potentially be offset, are numerous and often complex. However, if these rules aren’t sufficiently heeded, you could end up overpaying or underpaying CGT. A specialist CGT accountant can help you to prevent that from happening.

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What Is Capital Gains Tax?

In many instances, Capital Gains Tax is payable on the profit resulting from the sale or disposal of an asset that has increased in value. However, on occasion, assets can be exempt from CGT; for example, if the profits you make on them in a year fall under your Annual Exempt Amount.

As you are probably starting to gather, CGT legislation is highly complex, and so can constitute something of a legal minefield for people who are not up to date with various aspects of it, including how CGT liability is calculated and what reliefs are available on it.

You have to remember that this legislation considers ‘disposing of’ an asset to cover not just selling it but also simply transferring it to new ownership or being compensated for it, such as receiving an insurance payout if the asset was misplaced or destroyed. 

Why Ask An Accountant To Help You With Capital Gains Tax?

There are many scenarios where a business would be liable to pay Capital Gains Tax. A company could opt to give away commercial property, fittings, machinery or even intellectual property, such as registered trademarks. 

Similarly, if you are a landlord or property investor, you could be required to pay CGT on a buy-to-let home you decide to offload. The types of CGT relief available to business owners can depend on what types of assets they dispose of.

An accountant with in-depth knowledge of CGT law would be able to assist you in reining in your CGT liability as far as practically — and legally — possible. The accountant can also make sure any CGT payments you do need to make are paid on time and so do not land you with any penalties.

How You Can Find A Capital Gains Tax Accountant

Ideally, you don’t want just any CGT accountant; you want one who can cater for your specific needs pertaining to Capital Gains Tax.

Hence, when you get in touch with us, you can let us know precisely what those needs are. That way, we can keep them in mind as we look for a Capital Gains Tax accountant who would be in an especially good position to meet them.

To learn more about our process in sourcing CGT accountants for our clients, please contact us here.

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