NEW PROPERTY TAXES
GET READY FOR CHANGES TO TAX PAYMENTS ON UK PROPERTY SALES.
The deadlines for paying capital gains tax after selling a residential property in the UK changed on 6 April 2020.
If you don’t tell the taxman about any capital gains tax within 30 days of selling your property you may be subject to penalties and interest on the tax you owe.
It’s important that everyone involved in the sale of residential property understand these changes.
CAPITAL GAINS TAX.
Capital gains tax is the tax on the profit you make when you sell UK property.
WHEN YOU NEED TO REPORT THE TAX WITHIN 30 DAYS.
You need to report and pay capital gains tax when you sell:
A property that is not your home
A holiday home
A buy to let property
or A property that you have inherited.
Please note you won’t have to make a report or pay tax when you sell your home and you meet the criteria for full private residence relief.
NEW ONLINE SERVICE.
The taxman has launched a new online service for accountants to report any capital gains tax due and to make payment of the tax very straightforward.
HOW CAN WE HELP.
We can let you know if the new rules apply to you.
We can work out the profit on the property sale. We will ensure all relevant expenses are claimed keeping the tax to a minimum.
We can use the new online reporting service to report any tax due and assist with payment.
We take away the worry of dealing with the taxman and ensure you comply properly with the new rules.
E – mail
Or phone 0208 850 3300