At KP Simpson we also deal with Capital Gains Tax. Capital Gains Tax is a tax on the profit when you sell (or ‘dispose of’) something (an ‘asset’) that’s increased in value. It’s the gain you make that’s taxed, not the amount of money you receive.
When disposing of an asset, this includes: selling it, giving it away as a gift, swapping it with someone for something else and getting compensation for your asset.
Depending on the asset, you may be able to reduce any tax you pay by claiming a relief.
If you dispose of an asset you jointly own with someone else, you have to pay Capital Gains Tax on your share of the gain.
For assistance and help with capital gains, contact our services team on (0191) 420 0550 or fill in the short form below and one of our tax advisors will call you straight back.
I’ve been using KP Simpson for my annual account for a couple of years now and can’t thank them enough for the services they have given me. Brilliant advice from the start put into a language that anyone can understand. They are also very reasonably priced bearing in mind the exceptional service that is offered.
I have personally recommended their services to a number of my own personal clients and they have had nothing but praise for Andy and his team also. Top notch local service, nice work chap and chapettes.