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Hi my name is Lyanne and I’m the managing director of Wilds. The coronavirus outbreak is having a huge impact on everyone at the moment and we are trying to provide as much support as we can during this time. Have a look at our coronavirus updates on the website and contact us if we can help with anything else.

 

Capital Gains Tax

Capital Gains Tax (CGT) payment for property disposals – penalties reminder HMRC introduced a new service on 6 April 2020 to allow people to report and pay Capital Gains Tax. You can find out more on GOV.UK. Deadlines for UK residents disposing of UK residential property (not an owner’s main private residence) and non-UK residents disposing of both UK residential and non-residential property changed from 6 April 2020. Agents are reminded to inform their clients that there are late filing penalties for those who fail to notify HMRC about a disposal or pay the tax due within 30 days from the date of completion. However, for disposals that were notified between 6 April and 30 June 2020 there will be no late filing penalty, provided the return and payment due, was made by 31 July 2020. Notifications after that date may incur a late filing penalty. For any transactions completed from 1 July 2020 late filing penalties will apply if the details of the gain and payment is not made within 30 calendar days from completion.

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