Capital Gains
Capital Gains Tax taxes profit you make when you sell an asset that’s increased in value. To clarify, only the GAIN is taxed, not the total money you receive. If your gains are above the tax free allowance then you must report it to HMRC on this occasion.
What’s included in this Capital Gains service?
DL Accounts Ltd can help you with reporting your gains if it exceeds the annual tax free allowance of £6,000. We will also check if you qualify for further tax reliefs (e.g. private residence relief) and apply these for you when reporting to HMRC.
After reporting any capital gains to HMRC, we will also ensure that you pay any money owed in due time, before the deadline.
Importantly, if your gains specifically relates to land or property, it must be reported within 60 days to HMRC. If you fail to do so, you may consequently face penalties and interest on the amount owed.
Conversely, other capital gains can be reported at the end of the year in your tax returns. Often, the rules differ depending on the type of asset involved so please don’t hesitate to get in contact with the DL Accounts team for advice regarding your capital gains.
Contact Us
If you have any questions, please don't hesitate to contact us. Either give us a call, drop us an email or pop in to the office and have a chat over a nice cup of coffee.