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Capital Gains Tax Advice for Individuals and Businesses
Understand what you’ll owe before you sell, and make the most of the reliefs and allowances available.
Selling a property that isn’t your main home, shares, or a business can trigger a Capital Gains Tax bill that’s easy to underestimate, especially since the tax-free annual exempt amount has fallen sharply in recent years. At Durhams Accountants we provide Capital Gains Tax advice for individuals and business owners across Wakefield, Yorkshire and the wider UK, calculating your likely liability before you commit to a sale, identifying reliefs you may be entitled to, and making sure any gain is reported to HMRC correctly and within the right deadline, which for UK property is considerably tighter than most people expect.
Current Capital Gains Tax Rates and Allowances
Every individual has an annual exempt amount, currently £3,000, below which gains in a tax year aren’t taxed at all. Gains above this are taxed at 18% or 24%, depending on your total taxable income for the year, meaning the same gain can be taxed differently depending on your other earnings. These rates apply broadly across most types of asset. Because the allowance is now so much lower than it used to be, even a relatively modest gain can create a tax liability that didn’t exist a few years ago, which is why early calculation matters more than ever.
Reliefs Worth Checking Before You Sell
A number of reliefs can significantly reduce a Capital Gains Tax bill where they apply, including Private Residence Relief on a main home, Business Asset Disposal Relief on qualifying business sales, and relief for gifts of certain business assets. Whether these apply depends on the specific circumstances of the asset and the sale, and claiming them correctly often requires the right documentation and timing. We check which reliefs genuinely apply to your situation before a sale completes, rather than after the gain has already crystallised and the options have narrowed.
Reporting and Paying on Time
Gains on UK residential property must be reported to HMRC and any tax paid within 60 days of completion, a much tighter deadline than the usual Self Assessment timetable, and one that catches many people out. Other gains are generally reported through your annual Self Assessment return instead. Missing the property deadline specifically can result in penalties and interest even if the rest of your tax affairs are in order. We make sure the right gains are reported through the right route, within the right deadline, whichever applies to your sale.
Our Process: How We Help With Your Capital Gain
1
Talk before you sell
Ideally we review the numbers before a sale completes, not after.
2
Calculate the likely gain
We work out the gain and which rate and allowances apply.
3
Check available reliefs
We identify any reliefs that could reduce your liability.
4
Confirm the right deadline
We establish whether the 60-day property deadline or Self Assessment applies.
5
Report and pay correctly
We handle the reporting and make sure payment reaches HMRC on time.
Getting a Second Opinion Before a Sale
If you’re part way through a sale and unsure whether your current adviser has considered every available relief, or you simply don’t have an accountant involved yet, it’s not too late to get a second opinion. We can review the sale details quickly, even close to completion, and flag anything that could reduce your liability or affect the reporting deadline. If you’d like to move your wider tax affairs to us afterwards, we handle that transition smoothly, with no disruption to any deadlines already in motion.
Why Choose Durhams Accountants
Capital Gains Tax decisions often can’t be undone once a sale completes, which makes getting advice beforehand far more valuable than reviewing the position afterwards. We calculate your likely liability clearly, check every relief that could genuinely apply, and make sure reporting deadlines, particularly the tight 60-day property deadline, are never missed. Based in Wakefield and supporting individuals and businesses across Yorkshire and the UK, we combine technical accuracy with straightforward, timely advice when it actually matters, before you sell.
Frequently Asked Questions
What is the current Capital Gains Tax allowance?
The annual exempt amount is currently £3,000 per individual, below which gains in a tax year aren’t subject to Capital Gains Tax.
What rate of Capital Gains Tax will I pay?
Gains above your annual exempt amount are taxed at 18% or 24%, depending on your total taxable income for the year.
Do I pay Capital Gains Tax when I sell my main home?
Usually not, thanks to Private Residence Relief, though this can be restricted in certain circumstances such as periods of letting or very large gardens.
How quickly do I need to report a gain on UK property?
Gains on UK residential property must be reported and any tax paid within 60 days of completion, which is much sooner than the usual Self Assessment deadline.
Can I reduce my Capital Gains Tax bill on a business sale?
Potentially, through reliefs such as Business Asset Disposal Relief, depending on how long you’ve owned the business and your role within it.
How much does Capital Gains Tax advice cost?
Pricing depends on the complexity of the asset and sale involved. We agree a fee upfront once we understand the circumstances.
Thinking of selling an asset? Talk to us first
Get in touch before you commit to a sale, or use the form alongside this page for a no-obligation review.