Our capital gains tax advisors help landlords reduce property CGT If you choose to sell a UK asset such as shares, bitcoin or buy to let properties, you will be liable to pay Capital Gains Tax. Many UK investors often overpay Capital Gains Tax. This is because they do not know what costs may be used to reduce their tax liability. Moreover, they do not utilise the many tax reduction techniques that are available. What do you need to think about in regards to Capital Gains Tax? Property Capital Gains Tax is calculated based on £X Sales price less (£X) Sales fee transaction costs (estate agent, legal etc) less (£X) Property purchase costs less (£X) Property acquisition costs such as Stamp Duty Land Tax (SDLT), legal fees etc less (£X) Capital property refurbishment costs, not taken into account on your self-assessment tax return £X taxable gain in which CGT is based Landlords that dispose of an asset in their name benefit from a Capital Gains Tax annual exemption, which at the time of writing was £12,300. This is the amount of money that may be made as a gain when selling a property investment without paying any tax at all. Once the gain exceeds the Capital Gains Tax annual exemption you will pay tax at the following rates: – 10% as a basic rate taxpayer selling a commercial property – 18% as a basic rate taxpayer selling a residential property – 20% as a high rate taxpayer selling a commercial property – 28% as a high rate taxpayer selling a residential property Here are the key things to remember in regards to CGT Tax on the gain Capital Gains Tax is based on the difference between the sold price, less purchase costs, less any capital costs. You also benefit from the Annual Exemptions Allowance (AEA) 60 day tax filing HMRC now require taxpayers that make a gain to file and pay their Capital Gains Tax within 60 days Self Assessment adjustment You also need to file a tax return, which may require an adjustment for any under or over payments of Capital Gains Tax Vital information you need to know about our Capital Gains Tax advice When it comes to capital assets, you can offset lots of costs. There are also dozens of potential tax reliefs that our capital gains tax advisors will discuss with you to reduce your property disposal tax. Employing various combinations of these tactics is incredibly effective, and it is not uncommon for our CGT accountants to successfully reduce our landlord clients’ capital gains tax bills to £0. Thankfully, he approached us, and our Capital Gains Tax specialists were able to offer the correct advice before submitting his annual tax return. Talk to our tax experts today if you’re in a similar position, facing an excessive tax bill. Why choose Optimise Accountants for capital gains tax advice? We know that you don’t want to pay high amounts of tax, but we also know that you want to sleep soundly at night. All of our capital gains tax accountants are ACCA and ATT certified and authorities in their fields to ensure that we reduce your tax liability as much as possible and keep you on the right side of the law. This is what you can expect when you book a Capital Gains Tax saving consultation call: • Prior, we will review your Capital Gains Tax situation • On the call, we will take you through our proposed tactics to reduce your capital gains tax on the disposal of your property • Once we’ve agreed on the best solution, we’ll send you the call recording and notes so that you can implement the capital gains tax advice straight away! How we help landlords save Capital Gains Tax when selling a property investment Tax consultation (pre call documents) Landlords upload the details about a proposed property sale. Property investors use our call to upload all documents relating to the original purchase and proposed sale. Our tax advisors discussed information received prior to the tax call and agree the very best tax solution to minimise the landlords CGT liability. Calls with our capital gains tax specialists may be booked within the next two working days Tax calculation Our capital gains tax advisors will calculate the tax liability and identify any potential tax savings before the call takes place. Tax Consultation Our Capital Gains Tax expert will be on the call to discuss the identified property tax saving plans. You will agree on the right plan for you. Once approved, the plan is documented into a property disposal tax plan and sent to you in an email within two working days. The meeting is also recorded so that landlords can listen to the call whenever they want to remind them of the most critical aspects of the tax plan.