CAPITAL GAINS TAX

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Personal Capital Gains Tax

PAY CAPITAL GAINS TAX IN TIME

In the United Kingdom, Capital Gains Tax from the sale of residential properties is calculated in a different manner than many other Capital Gains Taxes. For these sales, you are taxed 20% – 28% of the income gained from the sale of the property. These taxes do not apply to your home but apply when you sell buy-to-let properties, business premises, land, and inherited property. Essentially, these taxes apply when you sell any property that is not your home. If the property is a business asset, you may be eligible for tax relief, so ensure to seek advice from our professional tax accountant. If you’re a non-resident of the UK, once property is sold you have 30 days to report the sale to HMRC and pay CGT, or face interest charges and other penalties. Even if you calculate that you have no tax to pay, you must report this conveyance. The tax rate is the same as for residents of the UK.

FAQ

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Our tax accountants have extensive experience in personal tax. From very simple self employment tax return to complex personal tax planning, you can call our accountants to discuss your circumstances.

No you may not need an accountant to file your self assessment tax returns. But its always advisable to consult specialist tax accountant, so you are not loosing any tax relief on claimable expenses.

If you sign up to become our client, we will not charge you for the advice. But if you are looking for tax advice only it is dependent on the nature and complexity of your question.  

HMRC have a self explanatory guidance to setup personal tax account. This account will help you to know about your taxes and income for each year. For more information please visit HMRC website.

When it comes to personal tax, as resident in UK, a taxpayer is obliged to pay tax on worldwide income. If you do not live in UK and you have taxable income in UK, you must file tax return to HMRC.

As self employed person you will file your self assessment tax return to HMRC every year. You must total your takings and less business expenses. If you need help with something which you are not sure, you can call our accountants to help you out. For general guidance please visit HMRC website.

If you have made a mistake and want to amend your tax returns, you must get in touch with HMRC and explain to them the nature of mistake or omission. 

It is always dependent on nature of mistake. If the amendment will result in correction of tax liability, then you must file an amended tax return. If you have omitted income and want to correct your records, you would need to file a disclosure.

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