The property market is constantly evolving, and whether you’re an investor, a landlord, or simply selling a second property, understanding and managing your Capital Gains Tax (CGT) liability is The property market is constantly evolving, and whether you’re an investor, a landlord, or simply selling a second property, understanding and managing your Capital Gains Tax (CGT) liability is crucial to maximising your profits. With property sales, calculating CGT isn’t always straightforward, but with the right planning and guidance, you can reduce your tax liability significantly—and save more than the cost of professional assistance.
Why It’s Essential to Calculate CGT Correctly
CGT is payable on any profits made from the sale of an asset, including buy-to-let properties or second homes, and it’s based on the difference between your purchase and sale prices after deductions. However, the details matter—missed expenses, exemptions, and reliefs can lead to paying more than you actually owe. From acquisition costs and renovation expenses to legal fees and allowable maintenance, claiming all legitimate deductions can reduce your CGT liability by thousands.
At Rock Corporate Services, our team specialises in navigating the complexities of CGT. We ensure that every allowable expense is applied so that you retain as much of your profit as possible.
Common CGT Allowable Expenses and Reliefs
Our team can help you identify and claim all eligible expenses, including:
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- Acquisition and Disposal Costs: Legal fees, agent commissions, and even valuation costs can often be deducted.
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- Improvement Costs: Any enhancements or renovations that increase the property’s value are usually deductible.
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- Maintenance and Repairs: Work done to maintain the property in good condition may qualify as deductible expenses.
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- Letting Relief and Other Exemptions: If your property was at any point your primary residence, you may qualify for additional exemptions or reliefs.
Claiming these expenses can significantly reduce your CGT liability, making a substantial difference to your overall tax bill. In fact, for many clients, our services result in tax savings that exceed the fee for our CGT calculation.
How We Can Help
Navigating CGT regulations requires expertise and an up-to-date understanding of HMRC guidelines. Rock Corporate Services is here to provide you with a tailored approach, ensuring that all applicable expenses are deducted and that you only pay what you legally owe. Our streamlined process includes a full review of your property’s financial history, guidance on allowable deductions, and a comprehensive calculation of your final CGT liability.
Act Now to Maximise Your Savings
Don’t let a complex tax system eat into your profits. Contact us today to discuss how our CGT calculation services can help you minimise your tax burden and maximise your return. Start by booking a consultation with one of our advisers, and let us guide you through a tax-efficient sale.