'Capital gain' is the term used in accounting to describe any profits earned from the sale or disposal of any asset or assets.
Capital Gains Tax is therefore the tax, or contribution of money, levied by the government from any capital gains, including profits from the sale of land, valuable possessions or investments such as stocks and shares.
If your business is carried out through a limited company or organisation, you will not be required to pay Capital Gains Tax because you already pay Corporation Tax. Capital Gains Tax is simply included in the Company Tax Return under 'chargeable gains'.
The amount of Capital Gains Tax you have to pay will vary based on your tax-free allowance as well as a variety of reliefs and exemption available. These are prone to changing year to year so it’s important to keep on top of it and our team of capital gains tax accountants is best placed to help you do just that.
In order to minimize your CGT, your best bet is to have a proper tax plan in place. The Vine Accounting is ready to discuss the issues you are facing and help you set up your assets in the most tax-efficient manner as possible. Helping you keep your liability to a minimum and apply the relevant Tax reliefs available.