Sold a property? You may need to tell HMRC

If you're selling a property that wasn't always your main residence, you must consider your tax reporting obligations sooner rather than later.

If you’re a UK resident, and Capital Gains Tax (CGT) is payable on the sale of a property, a 60-day return may be required.

If you’re non-UK resident, you are required to submit a return to HMRC regardless of whether there is any CGT due. Your return will also report all disposals of UK land (not just disposals of residential property). This extends to indirect disposals of UK land, for example when a non-resident sells shares in a company that derives 75% or more of its gross value from UK land. We advise you seek professional advice.

What to do if you’re thinking of selling residential property?

We recommend you speak to an accountant ahead of the sale. An experienced, local accountant can help you to identify any planning opportunities and talk you through your compliance requirements.

Get help with your Capital Gains Tax 60 day return

Contact TaxAssist Accountants for a free, no-obligation consultation.

01865 260630

Or contact us

What information will you need?

As well as details of the sale, including sale proceeds, you’ll also need the following information to complete your 60 day return:

This can be very complex, depending on the use of the property, and factors including whether you were working abroad for any of the time can make a difference. It's imporant to speak to an accountant who knows the legislation so you can make sure your reporting and tax bill is correct.

How can an accountant help?

At TaxAssist Accountants we can help you identify:

How can TaxAssist help you?

TaxAssist Accountants are experienced, local accountants and can assist landlords with all tax aspects of buying, selling and letting property. Call 01865 260630 or contact our team at TaxAssist Accountants today to arrange a free, no obligation meeting.

Need help with your tax reporting?

Contact TaxAssist Accountants for a free, no-obligation consultation.

01865 260630

Or contact us

Last updated: 25th October 2024