Capital Gains Tax Return and Planning
Capital Gains tax is charged on gains arising from the chargeable disposal of chargeable assets by chargeable persons.
From individuals to a corporation and multinational companies, everyone in UK needs consultants who can guide them in assessing the Capital Gains tax return, from gifts to the insurance claim for the assets all the matters have CGT implications. It is a vast aspect of tax ranging from Individuals Principle Private Residence to the chattels and part disposal, from paintings and moveable properties to fixed assets and land, all the assets in UK come under the CGT calculations one way or the other.
WeAccountax will provide you with all the expertise and support which is required to plan, calculate and pay CGT so that you can take advantage of maximum reliefs and exemptions allowed by the statute.
Why is CGT management crucial for Tax Payer?
Different Reliefs are available in Capital Gain Tax Return, a taxpayer definitely wish to make best use of these,
• Gift Relief
• Entrepreneur relief
• Letting Relief in case of income from.rent
• Incorporation Relief Etc.
In addition to taking advantage of these different reliefs, there are many penalties and fines involved in case of failure to provide the required information to the relevant authority.
Penalties can be imposed due to:
• Incorrect returns
• Failure to provide complete information required by HMRC
• Assisting in the preparation of incorrect Capital Gain Tax return.
(In some situations can lead to a prison sentence as well if entity found as committing fraudulent Capital Gain Tax calculation as in Stamp Duty Land Tax)
Together with these, there is a late payment interest which can be charged to filers.
Besides these gains, there are different CGT losses as well which are needed to be planned and offset against gains wisely.
Also, there are issues relating to the planning of the installments of the Capital Gains Tax return as it can be paid to HMRC in installments. These installments planning can be done keeping in view the whole scenario of chargeable persons.
These all matters need a team of Accountants and Tax Advisors, who have a diverse knowledge of all the aspects relating to Capital Gains tax return along with expertise in dealing with HMRC. It also requires a knowledge of different sectors and entities like trusts and political parties, with whom the transactions lead to Capital Gains Tax. This is accompanied by knowledge of some special cases of valuation of different assets and antiques as they lead to the capital gains tax.
WeAccountax has a team of Tax Advisors and Expert accountants who can manage all these CGT related affairs professionally and in an efficient way, keeping in view your position as a respectful UK taxpayer.
CGT For Limited Companies
Limited companies face situations in which they have to deal with the implications of CGT as shares disposal, which require knowledge of Tax, Finance as well as the accounting related to sharing capital. There are also issues like part disposal which requires the professional and competent team of advisors.
There are situations in which businesses face accidents and need to take care for Capital Gain Tax implications on the insurance claim.
WeAccountax has a deep insight into all matters relating to CGT, so you can minimize the tax liability, availing maximum relief in an efficient way.