One of the changes this tax year was to introduce the 30 day report and pay capital gains tax on sale of residential property except for your private residence.  Hopefully solicitors will be advising of this in the process but it is quite tight to report if everything is not ready and to hand before completion when the clock starts counting. It pays to be prepared and to have everything in place before the sale:

30 days to Report and Pay capital gains tax
  1. You need to have a Unique tax reference which landlords would usually have if they have been reporting rental profits
  2. From the HMRC Report and Pay Capital gains tax page you need to click on the Start button to create a capital gains tax reporting login
  3. You will then have to let your accountant have your Capital Gains Tax on UK property account number (HMRC example is XY CGTP 123 456 789)
  4. The accountant will then register as agent and you will have to authorise them using an email link
  5. The information needed to file the return is the same as for any capital gain:
    1. address and postcode
    2. date they got the property
    3. date they exchanged contracts when selling or disposing of the property
    4. date they stopped being the property’s owner (completion date)
    5. value of property when they got it
    6. value of property when they disposed of it
    7. costs of buying, selling or making improvements to the property
    8. details of any tax reliefs, allowances or exemptions they’re entitled to claim
    9. property type, if they’re a non-resident

This whole process for 30 Day Report and Pay Capital Gains Tax is very tight so you need to be well prepared in advance to make it as smooth as possible.  However every personal situation is different so you should therefore seek professional advice before taking any steps based on the contents. If you would like advice in this or other areas feel free to call. Alastair Wood, AW Accounting, Gravesend, Kent – Accountants who “speak your language”