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If you have already or intend to dispose of a residential property after 6 April 2020 you need to read this: Up until 5 April 2020 all disposals subject to capital gains tax were dealt with under the self assessment tax system. The gain was recorded on the relevant tax return for the year that the disposal occurred. Any tax was paid along with the final balancing payment. For example, a disposal on 7 April 2019 would be reported on the tax return for 2019/2020 which was due to be filed by 31 January 2021. Any capital gains tax was due to be paid on the same day. From 6 April 2020 any gains on residential property by UK residents have to be reported and the tax paid within 30 days. This is a significant change and will catch people out as many are not aware of it, which is why we’re bringing it to your attention. As accountants, we can file this on behalf of any client to whom it applies, but only if we’re aware of it. Most clients notify of capital transactions along with their normal tax returns. As always please let us know if you need any help. |