If you sell a UK residential property (which is not your home) you must report and pay any capital gains tax due within 30 days of the completion date.
To do this you need to create a capital gains tax property account with HMRC.
In order to report your gain you will need:
Property address
Date property purchased or inherited
Value & cost of the property when you purchased or inherited
Contract exchange date
Completion date
Sales or disposal value
Sales costs
Improvement costs
Details of any tax reliefs available
Your estimated income for the current tax year
If you are asking an accountant to report your gain for you then you still need to set up your own capital gains tax property account with HMRC before we can gain authorisation to act.
Please do not leave this until the last minute!
As detailed above, there are steps which need to be taken to allow us to act on your behalf so it is best to make contact before the completion date.
This will enable us to ensure your CGT account is ready, provide us an opportunity to give advice on the records you need to hand and give us the chance to discuss any tax reliefs available.
As always, communication is key!
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