Previously Capital Gains Tax for individuals was reported on your annual tax return if you sold a property which was not your main residence. You now need to report and pay your Capital Gains Tax within 60 days of completion.
Many people have been caught out by this in the last few years, not realising that they have to file a ‘capital gains tax on UK property return’, instead thinking that this was covered by their self assessment return. This is a costly mistake as there is a penalty of £100 if the return is not filed within 60 days. A further penalty of £300 or 5% of any tax due, whichever is greater if the deadline is missed by more than 6 months.
We have completed this return for many clients and are happy to assist new clients who may have sold a rental property recently. Please email enquiries@blackmanterry.co.uk or call 01444 882381