You may be required to pay Capital Gains Tax when selling, giving away or otherwise disposing of an asset. The most common instances are when selling a property, business or gifted asset. To ensure all available exemptions, allowances and reliefs are claimed it is important to take advice before disposing of any assets.
RPA can provide advice with your capital gains tax disclosures:
- Annual Tax-Free Allowance
- Allowable Expenses
- Capital Gains Tax Reliefs
- Capital Gains Tax Rates
- Entrepreneur’s Relief
Before you make the disposal, consider:
- Is the timing of the sale in accordance with the most effective Capital Gains Tax strategy?
- Are you able to claim all available tax reliefs and exemptions?
- Have you calculated the correct Capital Gains Tax liability?
- Is your business structured to be tax-efficient, or should it be restructured in advance of the sale?
- Are there any applicable referral reliefs?
- Have you considered the transfer of assets between spouses?
Evaluating your Capital Gains Tax liability would also allow you to measure the possible effect on your cash flow, allowing you to plan accordingly.For advice on how to minimize or even wipe out potential charges Call RPA today – 01692 584222