Coins

30 DAY CAPITAL GAINS TAX REPORTING

  • If you sell a residential property and capital gains tax is due, then a Return must be submitted to H M Revenue & Customs within 30 days of the completion date.  Any tax due needs to be paid by that date too.

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  • The capital gain will also need to be included on a tax return – so you may need to register for this too.

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  • There are penalties and interest payable if you do not report in time.

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  • If you are not sure if any capital gains tax is due, please contact us for a quote.  We can review your figures before the sale completes and give an estimate of tax due. 

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  • Each individual who has a share of the ownership needs to do a Report and there are certain parts of the process that need to be completed by each of those individuals.

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  • The rate of Capital Gains tax is based on your other taxable income in a year to 5 April.  As the tax due is calculated ‘in-year’ there can be additional tax due or repayable once your final income is known up to 5 April. 

CONTACT JLS & CO. ACCOUNTANTS LTD 

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tax returns