This year, HMRC changed the rules for reporting Capital Gains and the Capital Gains Tax due as a result of the disposal of residential properties.
Now you must file a Capital Gains Tax Return to HMRC within 30 days of the disposal of the asset, whereas before you would have been able to wait until it was time to file a Self Assessment Tax Return for the tax year in which the disposal was made.
Should you fail to report the disposal to HMRC and pay the Capital Gains Tax due as a result of the disposal within the new 30 day time limit, you may face a financial penalty.
HMRC's own website states that:
"If you sold your property after 6 April 2020 you must report and pay Capital Gains Tax within 30 days of selling property in the UK.
You may have to pay interest and a penalty if you do not report gains on property within the time limit."
Here at The Tax Faculty, our experts are here to help to ensure that you are in a position to report the correct Capital Gain to HMRC and pay the Capital Gains Tax due at the appropriate time.
We offer a full Capital Gains Tax service which includes our full consideration of the reliefs available to reduce the potential Capital Gains Tax to the minimum level possible, while remaining within the letter of the law governing such disposals.
This isn't limited to property transactions either, we also provide a full Capital Gains Tax service on the disposal of shares and other assets.
We have a proven history of reducing the final Capital Gains Tax due for our clients by considering all relevant facts and information provided to ensure that we are in a position to accurately advise on the most cost effective way of reporting the Capital Gain to HMRC.
Contact us today on 0800 0016 878 or email@example.com to discuss how our experts can help you with any issues relating to Capital Gains Tax.
We know that any tax issues are worrying for our clients, that's why we guarantee to provide you with an initial Capital Gains Computation within 24 hours of your providing us with the information that we require.
In addition, we use all our experience and expertise to ensure that you pay as little tax as possible, all while staying within the boundaries of tax law.
Our Managing Partner worked as a Senior Tax Professional within the Capital Gains Tax team in HMRC, giving us an unparalleled level of experience to help our clients reduce their tax bills when they sell property or shares.
HMRC require all disposals of residential property to be reported within 30 days of the sale, so don't delay - call our experts today on 0800 0016 878 or email us at firstname.lastname@example.org
Case Study 1:
We were approached by Mrs R to represent her elderly parents in dealing with all aspects of Capital Gains Tax on the disposal of a family property. Mrs R was extremely worried as her parents suffered terribly from health issues which were severely affecting their ability to cope with the stress of the situation.
We took a proactive approach and ensured agreement with HMRC that client’s parents were “digitally excluded” due to ill health and disability, enabling us to file paper returns.
We then took full responsibility for preparing Capital Gains Tax computations and filing these with HMRC, as well as producing a detailed Advisory Report for the client to explain exactly why we took the views that we did, all backed by tax statue - which was also included in the Report for ease of reference for the client.
Initial views from clients were that they were facing a tax bill of over £8,000 each and this was reduced to just over £2,000 each, entirely within the statute governing Capital Gains Tax.
All Capital Gains Tax returns were filed within the 30 days limit and the client praised our professional yet caring and sensitive approach to her parents.
Quotes from clients:
“This is absolutely amazing news and I/we cannot thank you enough.”
"Thanks once again for your invaluable assistance”
Case Study 2:
Mr D contacted us, thankfully before disposing of a property. Mr D had worried that a large Capital Gains Tax bill would become due once he had completed the sale, estimating the CGT due as being in the region of £31,000.
By using some recent legislative changes, we were able to advise Mr D to arrange his tax affairs prior to the sale in a perfectly legal and acceptable way from HMRC’s point of view which enabled us to reduce the CGT due to under £2,000. Mr D was obviously delighted with this saving of over £29,000 – a reduction of over 90%.
Indeed to date we have a track record of reducing the CGT or SDLT due for over 90% of our clients, many of whom see reductions similar in percentage terms to Mr D.
Quotes from client :
“Thank you for your voice of reason and assurance”
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