Capital gains tax (CGT) is a type of tax applied to profits made when you sell or dispose of an asset. As its name suggests, it's the gain you make that is taxed-and not the amount you receive for the asset.
You're required to pay CGT when you sell assets such as personal possessions worth £6,000 or more, property that isn't your main residence, your main residence if you've let it out, used it for business or it's very large, as well as business assets.
Capital gains tax (CGT) is a type of tax applied to profits made when you sell or dispose of an asset. As its name suggests, it's the gain you make that is taxed—and not the amount you receive for the asset.
You’re required to pay CGT when you sell assets such as personal possessions worth £6,000 or more, property that isn’t your main residence, your main residence if you've let it out, used it for business or it's very large, as well as business assets.
Our small business accounting guide walks through absolutely everything you need to know if you're considering starting a limited company. From different taxes, limited company advantages/ disadvantages, how to pay yourself, and what your key filing requirements are.
- When to register a Ltd company
- When to register for VAT
- How to take money out of your company
- Dividend tax rates
- Limited company expenses & corporation tax
- Annual accounts and deadlines
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Book a free 20 minute call with an accountant to talk though starting, registering or switching your company.
- Book a time online instantly
- Registering for VAT
- Self assessment
- Sole trader vs limited company
- Dividends and personal tax
- Registering your company
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