There are a number of points to note regarding the sale of residential property
From 6 April 2020 an individual who sells a property which has been let, and makes a capital gain must
report the gain and pay the CGT due to HMRC within 30 calendar days of the completion of the sale. (60 days for completions on or after 27 October 2021)
The taxpayer must open up a "CGT on UK property account" with HMRC in order to file the report.
Failure to report can result in large penalties and interest.
if a sale could happen in the future we advise
opening up the "CGT on UK property account" now
keeping accessible records of all costs in acquiring the property
recording dates property is let
keeping records of property improvements
Contact us on 02083635502 or email brian@wrightaccounts.co.uk so we can help you with the CGT calculation and reporting compliance.