PROPERTY CAPITAL GAINS TAX
Post-recession we see more and more of our customers finally regaining value in their rental portfolio, and many have made significant gains in recent years from selling some, or all, of their assets. If you have sold any assets at all such as company shares or property then, we can ensure that your capital gain liability is reduced to as low as possible by advising you on all of the allowable expenses that you are entitled to claim.
There are lots of expenses from many years ago when you first purchased the asset which you may even have forgotten about but could save you thousands of pounds in tax today.
We will guide you and explain the whole process thoroughly so that you have confidence in your tax position. Often when a property is sold then rental income also ceases; if this applies to you then we will ensure that HMRC closes your tax record and stop requesting a self-assessment from you going forward.
Regardless of how much tax you may owe to HMRC, we will charge you a fixed fee for your UK Tax Return which we will quote for you in advance. Our fee for preparing and submitting a capital gains tax return is £295, and there is a reduced fee available for the second person if you owned the asset in joint names.
The reporting standard for CGT is changing from 6th April 2020 – after this date you will only have 30 days following completion of the sale to report the disposal of your property and to provide the required calculation. After the new 30 reporting window late filing penalties will apply. It is always best to organise your tax reporting when you instruct your solicitor - our friendly staff are available to speak with you at your convenience to ensure that you do not miss an important filing deadline.
OUR PROPERTY CAPITAL GAINS SERVICES
We have prepared a help sheet specifically for those who have disposed of an asset and made a Capital Gain which is liable for tax, so please contact us today to request this help sheet.