Have you sold a UK Residential Property?
Do you need to file an affordable
Property Capital Gains Tax Return?
A Capital Gains Tax Return must be submitted, and any tax due paid, within 60 days following the completion of a residential property sale..
We're here to help you file your Capital Gains Tax Return.
Norman Elliott is our Property Capital Gains Tax Expert.
Contact Norman
Get a quote
Capital Gains Tax Residential Property Returns
Within 60 days of selling your residential property a Capital Gains Tax Return needs to be filed with HMRC and any Capital Gains Tax due must be paid. Your solicitor should advise you that this needs to be done but ultimately it's your responsibility to make sure that the return is filed and the tax is paid on time.
What type of property do the rules apply to?
The rules apply when you sell a property, or a part share (known as an interest) in a property, that:
- was not used exclusively as your primary residence
- is a rented property
- is an inherited property that was not used as your primary residence
- is a holiday home in the UK
What information do I need so that the return can be completed?
You will need to provide us with:
- details of the sale proceeds, date of the contact and the sale completion date
- the costs of the sale such as legal fees for conveyance, search fees, estate agent fees and any other distributions
- the original purchase price or cost of the property to you along with the date of purchase. If the property was inherited this would be the value at inheritance and the date when you inherited it
- details of any improvement costs that you have incurred during your ownership
- your income level and total capital gains for the tax year in which you make this disposal. This is used to determine the rate of capital gains tax that would apply to you
Do I need an HMRC Reference Number?
Yes, you will need to obtain a Capital Gains Tax on UK Property account number from HMRC. Unfortunately, we cannot do this on your behalf but can help and guide you through the process to obtain this very important reference.
Will I still need to file a Self Assessment Tax Return?
You may still need to file a self assessment tax return at the end of the tax year where you have additional untaxed income or you have other capital gains in the year. We can of course help and advise you with this at an additional fee.
Our Fees From £150
| Sale Proceeds | Our Fee |
|---|---|
| Under £100,000 | £150 |
| £100,001 to £250,000 | £250 |
| £250,001 to £500,000 | £350 |
| £500,001 to £750,000 | £500 |
| Over £750,000 | Ask us for a quote |
What's included in the fees
| Preparing your Capital Gains Tax Residential Property Return |
| Filing the Capital Gains Tax Residential Property Return with HMRC |
| Calculating the amount of any Capital Gain Tax due |
| Advising the date that the Capital Gain Tax is due |
| Answering questions related to your Capital Gains Tax Residential Property Return* |
What's not included in the fees
| Obtaining your HMRC Property Reference - this has to be done by you. We will guide you through the process |
*A reasonable level of help and support is included in our fees.
VAT will be added to our fees.
About our Residential Property Capital Gains Tax Expert
Norman Elliott
Chartered Accountant
Norman qualified as a Chartered Accountant with Price Waterhouse. He has clients throughout the UK and manages his Practice from his home in Northern Ireland.
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Years in Public Practice
Norman has been in public practice as a Chartered Accountant for over 30 years. His early years were spent with one of the large international firms, before qualifying and embarking on a varied career in commerce and industry, in companies ranging in activities from the film sector to hospitality to property development. He then opened his own first practice, operated and grew it for 21 years, before sale to a large national firm. Not content to take a rest, several years later, Norman acquired another small practice and also joined the CheapAccounting.co.uk network.
His practice work is entirely focused on the Small and Medium Business sectors, acting for companies, partnerships and sole traders, advising clients on taxation, compliance and regulation.
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Satisfied clients served
Capital Gains Tax Returns Specialism
In recent years, Norman has specialised in one such change - Capital Gains Tax on Residential Properties.
Since 6 April 2020, vendors of non-primary residences have to prepare, calculate and submit a Capital Gains Tax Return, and pay any Capital Gains Tax liability within 60 days of disposal.
Many vendors do not understand the legal obligations on them, and Norman manages the process, explaining to them what is required, advising the amount of tax payable and submitting the Return to HMRC.
You're in safe hands
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Years in business
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Clients Helped
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Qualified Accountants
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Professional Body Memberships