Reporting and paying tax on UK residential property gains
Since April 2020 chargeable gains have had to be reported to HMRC and a payment made on account of the associated tax liability. The good news for taxpayers is that you now have longer to tell HMRC about the gain and to pay the tax. In this post learn when a chargeable gain arises as well as how and when to report it to HMRC.
Click here >>> click here
#tax #landlord #propertytax
Thanks for this one P
There is a lot of this sort of work about, generates lots of activity and reasonable fees.
Do remember to keep your eye out on nuanced areas of reliefs such as absence relief for PRR,
Do encourage your clients to plan in advance of the sale of their property(ies) rather than once sold, as we might be able to add value, save client tax and generate bigger advisory fees off the back of the clients savings.
We also need to remember mixed use transactions can be complex and do require reporting, which may require client to obtain valuations, along with things like leasehold extensions which are also caught/
Finally do please remember the other issues around non residents, such as reporting required even if at a loss, and or no tax to pay. Or indirect disposals such as disposal of property rich shareholdings.
Sorry a bit of a long one, but as we all know residential property CGT reporting and non resident CGT reporting can get complicated, and can result in large tax liabilities which we need to get right for our clients : )
I’m throwing you a LinkedIn ? button. Thank you Tom!!