28 July
By Chris Gumbley
Categories: Government/HMRC/Industry News/Taxation

Disposals of UK Residential Property - 31 July deadline fast approaching!

Disposals of UK Residential Property - 31 July deadline fast approaching!

Anyone who lives in the UK and has made a taxable capital gain by selling a residential property between 6 April 2020 and 1 July 2020 must report the gain to HMRC by 31 July 2020. Otherwise, penalties could arise.

We would like to take this opportunity to remind you that the tax due must be paid within 30 days of the sale – and interest will be charged on tax paid late.

For any disposals after 1 July, if tax is payable, the gain must be reported within 30 days of the sale – and the tax must be paid by that date.

Accountancy bodies tried to persuade HMRC to delay the introduction of this measure but the government has proceeded in any event.  Previously, the gain had to simply be included on a tax return submitted after the end of the tax year, but there is now this additional reporting requirement – and an earlier date to pay the tax due.

There are various steps involved in order to report such a gain which can therefore take time.

We're here to help
We are urging any of our clients who have made such a disposal to contact their usual Naylor Wintersgill team member urgently so that we can consider their position. 

If you require any assistance in respect of the above, you can also call 01274 733184 or email hello@naylorwintersgill.co.uk and we will be happy to help.