Whether you are a UK resident or non-resident, you now have to potentially report the disposal of UK property to HMRC within 60 days of completion of the sale. Here at Ellis Lloyd Jones we can help you work out if your property disposal falls under this new legislation and assist you with the reporting of the gain, if required.
There are automatic penalties for late filing, for UK residents this starts at £100 but with potential additional penalties rising to the greater of £600 or 10% of the tax due. For non-UK residents it is 5% of the outstanding tax.
Services Include:
- Reviewing the particular aspects of your disposal to establish if it falls under this legislation
- Preparation of the capital gains tax computation
- Ensuring that you obtain relief for all possible exemptions and reliefs to minimize the tax due
- Reporting the capital gain using the HMRC UK Property Account portal
- Preparation of your self-assessment tax return to finalise the capital gains tax due
And for the icing on the cake, we also offer all of our clients HMRC investigation insurance as standard. So, if HMRC do investigate your tax affairs, following the submission of your tax return, our fees for defending you will be covered at no extra cost to you.
