MTD CGT

Reporting capital gains (residential property sale)

£250.00 Fixed fee
£300.00 Fixed fee (joint income)

Sold a property in the UK that is not, and has not always been, your main home – rental property, second home, property sold during probate or by a Trust?

You have to report this sale to HMRC – and pay any capital gains tax due – within 60 days of completion. (The date contracts are exchanged is the date of sale and decides which tax year the sale falls into, but completion triggers the reporting requirement).

You have to file the Return even if you file Tax Returns and even if there is no capital gains tax payable. If you don’t file a Return you will be charged late filing penalties, interest and late payment penalties on any tax owing.

How it works:

  • 1
    Provide us as much info as you can on the house/sale (cost, sale proceeds, whether you lived in the property, enhancement expenditure)
  • 2
    We will send you an engagement letter to sign and information on how to set up a Capital Gains Tax for Property account with HMRC.
  • 3
    Send us your identification documents (as above)
  • 4

    Send us any relevant documents (Completion statements on sale/purchase – or as much info as you can: date of purchase, cost, legal fees, stamp duty).

  • 5
    Let us know what enhancement expenditure you incurred and the date (Estimates may be fine along with rough dates).
  • 6
    We also require an estimate of your income for the tax year (salary, estimated freelance profit etc).
  • 7

    We will send you the draft capital gains tax computation along with your invoice (Usually within 48 hours).

  • 8

    Once approved and paid, we will file the Return with HMRC.

Get started…

Simply send us an email with all of the details mentioned above and our team will begin the process for you.

Enhancement expenditure – major, capital costs spent – which are in existence at the time of sale. This is usually, a new bathroom, kitchen, garden pods / sheds. If you have rented out your property you cannot claim such costs if you have already claimed against your rental income (otherwise you are double dipping). If you are not sure what qualifies, just send us the details and we will claim what we can.