UPDATE: from 27 October 2021 the Government issued a statement that CGT is payable within 60 days of the date of completion.
Did you know that from 6 April 2020 HM Revenue and Customs changed the rules around how you declare and pay any Capital Gains Tax due when you sell a property that isn’t your main residence?
Before this date you could add it to your self assessment tax return and pay the tax due by 31 January. This came to an end, the deadline of 31 January 2021 was the last time in which you could do it through your self assessment.
Tax payers should now use the online service, which can be found HERE to inform HM Revenue and Customs and pay the tax due. All within 30 days of completing on the sale.
This will effect:
- property developers
- individuals selling a property that isn’t their main residence
Alternatively, you can speak to one of our expertise led tax agents and we will liaise with your conveyancing solicitor, calculate the gains and submit the return on your behalf.
All other Capital Gains Taxes will be submitted and paid through your self assessment tax return and will include when you sell:
- personal items worth over £6,000, excluding your car
- main residences if part has been used for business purposes
- business assets
If you would like a free no-obligation chat with one of our team please contact us HERE.