Incorporation and Tax Structuring for Landlords

With many business owners owning more than one property or having a property portfolio, the challenge to be tax efficient has become increasingly common.THE CHALLENGEOver many years there has been a focus on increasing tax rates for landlords with the buy-to-let market and successive governments targeting this sector, introducing new tax rules putt....
Read More

New 30 day CGT regime for residential property disposals PART 3 OF 3

Amending the ReturnWhere the capital gains tax UK property disposals return is later found to be incorrect, it is possible to submit an amendment, but this cannot be amended online. Instead, you are recommended to contact HMRC.The capital gains tax UK property disposals return cannot be amended once the self assessment tax return for that year....
Read More

New 30 day CGT regime for residential property disposals PART 2 OF 3

PAYMENT OF CGT As well as submitting a capital gains tax UK property disposals return within 30 days following the date of completion, the taxpayer should make a ‘payment on account’ in respect of the disposal. This payment deadline applies unless: the disposal results in a loss ― which means no tax is payable; the amount....
Read More

Capital gains tax nudge letters

The Chartered Institute of Taxation (CIOT) reported on 19 October 2020 that HMRC will be sending up to 14,000 "One to Many" targeted letters encouraging taxpayers to consider their capital gains tax position on disposals of properties in the year ended 5 April 2019.Pro-forma letters and the briefing note can ....
Read More