So You’ve Just Sold Or Are Selling Residential Property?

Capital Gains Tax (CGT) On Residential Property Sale


The good news is that most disposals of residential property are free of any tax implications. If you are selling or have just sold your main home it’s unlikely you have anything to worry about. However, if you spent time living away from this home or it’s a second property you may be liable for Capital Gains Tax (CGT) on the disposal.


Did you know the rules relating to the reporting of disposal of residential property changed on the 6th April 2020? You now have only 30 days following the completion of the sale to report it to HMRC and pay any tax you owe via a Capital Gains Tax on UK Property Disclosure.


It’s also reported through a completely new system which will require you to register separately from any portal you use for your tax return.


This applies to the sale of properties such as Buy to Let and Holiday Homes. It also relates to the sale of your main private residence if you lived anywhere else during part of your ownership.


If the property is jointly owned each party will be required to submit a separate disclosure. The tax bill is related to your overall income for the tax year in which the disposal took place.

house selling advice, Inca Caring Accounting, Oxfordshire and Berkshire

Why Do Individuals Like You Ask Inca To Help With Their Property Disclosure?


You might be concerned about:


  • Not filing on time and receiving penalties?


  • How to work out how much tax you’ll have to pay?


  • The impact of your other income on the tax you’ll pay?


  • The impact of bonuses on your tax bill?
  • How to mitigate any Capital Gains Tax bill?


  • How to use the new HMRC portal?


  • Dealing with HMRC, especially if you’ve never had to before?

Some Of The Benefits Of Asking Inca To Take Care Of Your Capital Gains Tax On UK Property Disclosure


  • Our fee for handling your property disclosure obligation is quoted up front and on a fixed price basis so you know where you stand.


  • We can confirm the fee over the phone saving you time and energy.


  • We’ll provide a checklist of the information we’ll need from you to ensure nothing is missed and we maximise tax relief.


  • Our tried and tested processes to ensure you meet your filing obligations and can therefore sleep comfortably at night knowing everything is under control.


  • We’ll organise to be authorised as your agent with HMRC in respect of your property disposal saving you the hassle of dealing with the tax man!

What If The Disposal Took Place Before 6th April 2020?


If your property disposal took place prior to 6th April 2020 then the disposal only needs to be reported in your annual self-assessment tax return for the 2019-2020 tax year.


If you are unsure whether this has been reported correctly or, you have not yet filed your 2019-2020 tax return please get in touch.


The Next Step

If you’ve just sold or are thinking of selling and want to find out if you are required to submit a disclosure the next step is to contact us as soon as possible

To get in touch please choose one of the following:


Call us and ask for Graham or Amy: 01235 868888


Email us on: [email protected]


Or, click on the link below, pop in some details and we’ll call you back.

Inca Business Accounting Oxford

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