CAPITAL GAINS TAX
Calculate your capital gains tax with us to pay capital gain tax in time
Capital Gains Tax is a tax on the profit when you sell (or ‘dispose of’) something (an ‘asset’) that’s increased in value. It’s the gain you make that’s taxed, not the amount of money you receive. You also do not have to pay Capital Gains Tax if all your gains in a year are under your tax-free allowance. Individuals have a £12,300 capital gains tax allowance. This means your capital gains up to £12,300 are tax free. Normally you don’t have to pay any capital tax on selling your main home. But you will have to pay gain taxes when you sell buy-to-let properties, business premises, land, and inherited property. If the property is a business asset, you may be eligible for tax relief, so ensure to seek advice from our professional tax accountant.
You must report and pay any tax due on UK residential property using a Capital Gains Tax on UK property account within 30 days of selling it. You may have to pay interest and a penalty if you do not report gains on UK property within 30 days of selling it.
In ZATRS we have expert professionals who can guide you in calculating your capital gain taxes and meeting the compliance of reporting to HMRC.
