Capital Gains Tax

Capital gains tax help for property, shares and business sales. Local advice in Upminster, Hornchurch and Essex, ideally before you sell.
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Capital Gains Tax for businesses in Upminster and Hornchurch, Brickfield Hollow
Capital gains tax in Upminster and Essex

Selling a property, shares or a business? Talk to us first.

Capital gains tax (CGT) is the tax on the profit you make when you sell or give away something that has gone up in value. It can be a big bill, and the rules on reliefs and reporting catch lots of people out. The best time to talk to us is before you sell.

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We help people and business owners in Upminster, Hornchurch, Cranham, Romford, Brentwood and across Essex plan, work out and report their gains.

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When CGT might apply

  • Selling a buy-to-let or second home
  • Selling shares or funds held outside an ISA or pension
  • Selling crypto assets
  • Selling or closing down your business
  • Giving assets away, for example to your children

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The key numbers

  • Everyone has a tax-free allowance of £3,000 of gains each year
  • Gains are taxed at 18% or 24%, depending on your income
  • Business Asset Disposal Relief can lower the rate on qualifying business sales
  • Sales of UK homes and property must be reported to HMRC, and the tax paid, within 60 days of completion

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What we do for you

  • Work out your gain properly, including costs you can deduct
  • Check which reliefs you can claim, such as Private Residence Relief or Business Asset Disposal Relief
  • File your 60-day property return with HMRC
  • Include your gains on your self assessment tax return
  • Plan the timing of sales and gifts, and use of your spouse's allowance

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Plan ahead and save

A few simple steps before you sell, like splitting ownership with a spouse or spreading sales over two tax years, can make a real difference to your bill. Call us before you sign anything and we'll show you your options.

"Known to me in a professional capacity for some time now. Owning a local Upminster business, I have tapped Phil's extensive knowledge on accounts matters over the years particularly when I operated as a sole trader. Reliable, knowleagable and up to date, professional and prompt. Wouldn't hesitate to recommend."
Gary C

Frequently asked questions.

If you have any further questions don't hesitate to reach out to us, we're always on hand to help.

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What is the capital gains tax rate?

Gains are taxed at 18% if you're a basic rate taxpayer and 24% if you're a higher or additional rate taxpayer. The first £3,000 of gains each year is tax free.

Do I pay capital gains tax when I sell my home?

Usually not, if it has been your main home the whole time you owned it. Private Residence Relief covers it. Second homes and buy-to-lets are a different story, so ask us first.

How long do I have to report a property sale?

If you sell a UK residential property and owe CGT, you must report it to HMRC and pay the tax within 60 days of completion. Late reporting brings penalties and interest.

What is the capital gains tax allowance?

The annual exempt amount is £3,000 per person. Married couples and civil partners each have their own, so owning assets jointly can help.

Can I reduce capital gains tax when selling my business?

Business Asset Disposal Relief can lower the rate on qualifying gains, up to a lifetime limit of £1 million. The rules are strict, so it pays to plan well before the sale.