Capital Gains Tax Valuation Service in Hertordshire

Capital Gains Tax Valuation Service in Hertordshire

Mylako Chartered Surveyors offer meticulously crafted reports, grounded in evidence, starting from just a few hundred pounds. 

Benefits of a Capital Gain Tax Valuation

Avoid Paying More Tax than Required

Our skilled valuers can verify that your property is accurately valued, assisting you in minimising tax obligations when calculating capital gains on the property.

Receive Accurate Valuations

Our reports bear the signature of RICS Registered Valuers and comprise thorough descriptions along with our methodology, providing you assurance that they are evidence-based, accurate, and dependable.

HMRC Compliant

Our valuation reports adhere to HM Revenue and Customs (HMRC) standards, mitigating the likelihood of errors and disputes that could lead to fines and penalties.

What is Capital Gains Tax?

Capital gains tax applies to the profit generated from the sale of chargeable assets like property or land.

When selling a property that isn't your primary residence, capital gains tax is levied on the profit. The specific amount of CGT owed depends on various factors, such as the duration of property ownership, your income tax bracket, and any applicable reliefs or allowances you qualify for.

What is Capital Gains Tax?
When do I need a Capital Gains Tax Valuation?

When do I need a Capital Gains Tax Valuation?

Our team is proficient in providing capital gains tax valuations for historical dates across a wide range of residential and commercial properties.

We can provide historical market valuations in any of the following scenarios related to property:

Gifted Assets:
A Capital Gains Tax Valuation determined by the property's market value at the time of gifting. 

Assets sold below market value to favor the buyer:
This report is established on the property's market value at the date of sale.

Assets owned prior to April 1982:
This valuation is founded on the property's value as of March 31, 1982.

Inherited Assets:
This report offers a Capital Gains Tax Valuation as of the benefactor's passing.

How CGT Tax Calculations Work

Calculate the gain:

You must compute the profit accrued from the property's disposal. Disposal of an asset encompasses various actions such as selling, transferring, gifting, or receiving compensation for gains.

Deduct any allowable expenses:
You can deduct certain expenses, such as the cost of renovations, from the gain to arrive at the taxable gain.
Apply any reliefs or allowances:
You may be eligible for certain reliefs or allowances that can reduce the taxable gain, such as letting relief or the annual exempt amount.
Calculate the tax:
Once you have arrived at the taxable gain, you will need to calculate the amount of CGT you owe. The current CGT rates in the UK are 18% for basic rate taxpayers and 28% for higher and additional rate taxpayers.
Report and pay the tax:
You will need to report the sale of the property and pay any CGT owed to HM Revenue and Customs (HMRC) within 30 days of the completion date.

Why choose Mylako Chartered Surveyors?

HMRC can challenge your valuation if they believe that it is inaccurate or does not reflect the true market value of the property at the reported date. They have the power to investigate and dispute any tax return or valuation that they believe may contain errors or inaccuracies, which can result in additional tax liabilities, interest, and fines.

Using Mylako Chartered Surveyors to provide a valuation can help you to prevent the risk of a challenge and avoid overpaying more tax than is necessary. Our Chartered Surveyors are experts in providing accurate and compliant valuations that meet HMRC's requirements.

We are also able to negotiate with HMRC on your behalf should the District Valuer Service (DVS) raise any queries regarding the valuation (subject to possible additional fees depending on the specific case and work involved, this will be confirmed before any costs are incurred).


Hertfordshire Property Valuations For Tax Purposes

Whether you’re buying or selling, extending your lease, calculating your tax liabilities, or looking for a dedicated Property Manager

You can book your appointment by calling us on 0207 183 0321

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