Capital Gains Tax (CGT) is one of the most complex areas of taxation, and trying to manage it without expert guidance can leave you overpaying, underpaying or risking penalties. At Darnells, we simplify the process, helping you navigate changing regulations and ensuring your financial future is secure and tax-efficient.
Whether you’re selling a property, shares or business assets, our team is here to guide you every step of the way. We calculate your tax liabilities with precision and apply the reliefs and deductions you’re entitled to, making sure nothing is overlooked.
We also take care of the practicalities, from preparing and submitting your tax returns to ensuring deadlines are met and compliance is maintained. With Darnells, you can feel confident that your CGT responsibilities are handled professionally, efficiently and always with your best interests in mind.
Accurately calculating and reporting Capital Gains Tax (CGT) can be a daunting task, but it’s one you can’t afford to get wrong. Errors or missed deadlines can result in significant penalties, HMRC investigations or even criminal prosecution in severe cases. At Darnells, we take the pressure off by managing the entire process for you. From preparing detailed computations to submitting all required tax returns, including non-resident CGT returns, we ensure your taxable gains are reported accurately and on time.
With the annual exempt amount (AEA) reduced again for the 2024/25 tax year, it’s more important than ever to make full use of available reliefs. Our team of specialists identifies and claims the reliefs you’re entitled to, such as Private Residence Relief, Business Asset Disposal Relief and Rollover Relief. From eligibility checks to preparing and submitting the necessary documentation, we give you confidence that no opportunity has been missed.
Seeking professional advice on planning the sale of assets can help you achieve a more tax-efficient outcome while ensuring full compliance with HMRC regulations. We provide guidance on strategies like timing asset disposals, leveraging allowances and exploring options such as gifting assets or utilising trusts to help you align your tax strategy with your financial goals.
Facing an HMRC tax investigation or dispute can be stressful, but with our experienced team by your side, you’re not alone. We will work closely with you to gather all the necessary information and evidence to support your case, and will represent you in any meetings or negotiations with HMRC to achieve the best outcome. Throughout the process, our commitment to discretion and confidentiality ensures your interests remain protected, giving you the confidence to focus on what matters most.
For over 80 years, Darnells has been a trusted name in chartered accountancy, supporting individuals and businesses with every aspect of their financial needs. With offices in Newton Abbot, Exeter and Totnes, our team combines local expertise with the resources of a national firm, delivering personalised solutions tailored to your goals. What matters most to us is creating long-term partnerships with our clients, built on trust, confidentiality and a genuine commitment to your success. We take pride in offering honest, expert advice that’s always in your best interest, ensuring you feel supported and confident every step of the way. As regulated accountants under the ICAEW, we uphold the highest standards of professionalism, integrity and discretion. You can rely on us for fully compliant tax solutions that reflect your unique circumstances while protecting your financial well-being.
Capital Gains Tax (CGT) is a tax on the profit you make when selling or disposing of an asset that has increased in value. Common chargeable assets include property, shares and business assets. In the UK, CGT applies to gains exceeding the annual exempt amount, with rates varying depending on your income and asset type.
Calculating capital gains involves determining the difference between the sale price of an asset and its original purchase price, including associated costs like legal fees, stamp duty or improvements. From there, you apply any relevant allowances, exemptions or reliefs to calculate the taxable amount.
For UK property sales, Capital Gains Tax (CGT) must be reported and paid within 60 days of the sale’s completion. For other assets, the payment deadline depends on whether you file a self-assessment tax return. If not, you’ll need to report your gain to HMRC within the same tax year using their online service.
For Capital Gains Tax, keeping detailed records is essential. You’ll need proof of the asset’s purchase price, such as receipts or contracts, as well as evidence of associated costs like renovation expenses, legal fees or Stamp Duty for property. Maintaining these records ensures accurate calculations when you sell or dispose of the asset, helping avoid issues with HMRC.
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