Rules explained on Capital Gains Tax

If you need to submit a return using the Capital Gains Tax on UK Property Service, we can submit this for you but we will need enough time to get agent authorisation and calculate the estimated CGT due. You may also need to set up a HMRC government gateway account online to do this. So you need to contact us as soon as possible, ideally when you know a sale is proceeding.

If you are thinking of selling property in the near future, let us know before completion so that we can advise you about submitting a return and give you an idea of how much CGT you may have to pay and by when. Prior to selling it would be useful for you to find your original purchase documents for the property, original costs to purchase such as agent/solicitor fees, and invoices for any capital expenditure incurred during ownership. We will need this information to calculate the CGT and may not have all the details on our records.

If you have missed the deadline for your return, we can still submit this online. There is a £100 late filing penalty for filing up to 6 months late (and further penalties after this). Late payment penalties and interest may be charged by HMRC, if there was any tax to pay. If you missed the deadline, do get in touch and make sure you can find your sale completion statement and costs of sale paperwork.

The disposal of property will also go on your tax return for that tax year. Here we will calculate the exact CGT that is due (as this depends on your actual total income for that tax year). We then deduct the CGT you have already paid to HMRC and any difference is added to / deducted from your income tax liability.