HMRC have changed the way we need to notify them if you sell a residential property that's not your home. This now needs to be reported and any Capital Gains Tax paid within 60 days.
We are able to deal with this for you and prepare a Capital Gains Tax (CGT) computation and submit the CGT return to HMRC on your behalf.
HMRC will charge the following penalties:
- £100 if you miss the 60 days
- £300 if later than six months (or 5% of tax due, whichever is higher)
- £300 if later than 12 months (or 5% of tax due, whichever is higher)
https://www.gov.uk/tax-sell-property
We strongly recommend that you contact us ASAP to discuss this further, especially if you are thinking about selling a property, or if you are currently selling a property.
Sheards can take away the burden of completing annual accounts and tax returns, allowing you to concentrate on managing your portfolio. We know exactly what expenses can be claimed and what proof we'll need to support your tax return – all for a highly competitive price. Our services include:
- Completion of annual accounts and tax returns
- Calculation of your tax position, ensuring all allowable costs are claimed for
- Management of all submissions and communications with HM Revenue & Customs
- Specialist advisors on hand to answer all of your tax related queries throughout the year
- Focusing on reducing the amount of tax you pay
- Signposting to providers of other services you may require as a property investor.
- Advising on a holding property personally or within a corporate structure.
For more information on our services for property landlords, please contact us.
Tax services for property landlords Huddersfield : Sheards