020 8339 1930
Although the government is allowing many tax payments to be deferred because of Coronavirus, any the tax due on gains made as a result of selling residential investment property remains payable. This now applies to both UK residents and non-UK residents.
As from 6 April 2020, capital gains tax (CGT) on all gains made on the disposal of UK property is payable 30 days after the date of disposal, rather than on 31 January following the tax year in which the disposal takes place. In addition, a return will need to be filed with HMRC during the same time period.
If you are planning to sell a property in the near future, it is important to seek professional tax advice, to understand what information is required to calculate the gain arising and to be able to complete the report that is required, within the relevant time limit. Having advance warning of the tax liability will also help to ensure that the appropriate funds are reserved from the proceeds of the sale to pay the CGT due straight away.
For more advice on property tax please email us at partners@rjp.co.uk
I wanted to write and express our gratitude for your help and hard work in getting Probate through and settling all the taxes. I am so pleased that we selected RJP, as your professional help and updates throughout this process have been invaluable. If at any time in the future Probate assessment may be needed, you will be our first port of call. Once again, many thanks to the whole team.
Dan Cook, Probate clientI just wanted to drop you a short note to say how grateful I am for the support that RJP has provided over the past 4 weeks while our Financial Controller was away. I struggle to comprehend how much work your staff get through during their weekly visits and they are always a pleasure to have around the office.
I Evans, CFO, MoblicitiJust a quick e-mail from me to thank you for achieving the target for producing the draft accounts – it is very much appreciated and gives a first class impression of your firm. Many thanks.
J Stanfield, Chairman, BBS Actuaries LtdI would like to take this opportunity to thank you very much for the amazing job you have done navigating us through this whole process. My family and I also really appreciate the care and compassion demonstrated by you and your team in every dealing. Our thanks to everyone.
M Goldsmith, Probate ClientRJP provide our company with a complete service which takes the stress and strain away from the day to day running of our accounts! Their understanding of our business and their patience and advice is invaluable.
Outsourcing Client
If you sell a property and incur capital gains tax on the transaction, you will need to file a tax return and also pay any tax that is due within 60 days of completion, or penalties will arise. Need help with your property taxes? Talk to us.