Paying capital gains tax

  • by Graham Bond
  • 05 May, 2017

How much do you need to pay?

Paying capital gains tax

If you sell an asset that is subject to capital gains tax, you need to advise the Inland Revenue when you make a capital gain or if you wish to claim a loss. To do this you need to complete a self-assessment tax return for the year in question. This is usually completed online or alternatively by using the paper based forms that are available from HMRC.

If you do not normally complete this return each year, you will need contact your tax office and request the return. If you don’t have access to the HMRC online self-assessment username and password, you will need to obtain one.

You do not need to report any gain if it is exempt from CGT. Residential property that is classed as your main home is usually exempt from CGT.  Information about CGT gains on assets can be found on the HMRC website. If the gain is not exempt and below the CGT annual allowance of £11,300 for the tax year 2017/18, you should still complete the self-assessment tax return.

Keep good records

It is important to keep records of the purchases and sale of assets over the years. You should also keep records about any expenditure you may have incurred whilst owning the asset. Some of the expenditure may qualify to reduce the gain, depending on the type of expense.  This will help you to work out potential gains and losses.

The calculations for some clients could be very complex and it is important that the correct figures are returned to the Revenue to ensure you are paying capital gains tax correctly. This link covers more information about capital gains tax rules .  

We would recommend that you seek professional advice on any money matters from an appropriately qualified tax planner.  when you are considering selling or gifting assets. The Government website www.gov.uk  has a lot of useful information about paying capital gains tax.

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The Wall Street Journal in the US recently published an article about the performance of Global Stocks and Shares. The article was called, “ Global Stocks Post Strongest First Half in Years, Worrying Investors .”

“The question for stocks and shares investors is whether the strong first six months of 2017 heralds a choppier second half or the start of a multiyear upswing. The data on global rallies offers a mixed record.”

In plain English, this means:

 “It’s impossible to predict whether markets will go up or down for the latter half of the year. Markets could go up or down or even trade sideways.”

The newspaper article also reported that: “Most of the major stock Market Indexes, 26 in total have risen in value so far in 2017. The last time this happened was in 2009.

by Graham Bond 29 Jun, 2017
Here's an update on Personal Finance Portal. From the 4th July our client portal will have a new look and feel about it. 
The software provider we work in conjuction with have revised the format to make it easier to use for our financial planning clients.

The Personal Finance Portal is a quick and secure way to obtain up to date valuations on your pensions and investments. It also offers you a way to communicate safely with us as the service is encrypted. The same cannot be said about email, which is not secure. 

The aim is to make the navigation easier to use and to provide more information to you on your finances. 

The video below shows some of the improvements that will be made. We hope you find it useful and informative. 

To access our portal please click this link

If you would like to find out more about the Personal Finance Portal please feel free to contact  us on 01454 321511. Consilium Asset Management offer Independent Financial Advice to private and business owners in the Bristol area. 
by Graham Bond 21 Jun, 2017

Over the month weeks and months, we are looking to improve the personal finance portal (PFP) for our clients. The first stage is to introduce a live chat, audio and video service whilst clients are logged into PFP. This is the first level of improvements we will be making over the coming months. The live chat service is safe and secure.

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