People have until 31st January 2021 to declare on their self-assessment tax return, any profit made from selling a UK residential property (which was not their main home) during the 2019-2020 financial year, and pay the Capital Gains Tax that is due.
The new rules will affect landlords or property developers selling on part of their residential property portfolio, or UK residents who sell a residential property that is not their primary home.
For those who are affected, HMRC is advising that they use their online service to inform them and pay the Capital Gains tax within 30 days of completion.
Karl Khan, HMRC’s Interim Director General for Customer Services, said, “The 2019-20 tax year is the last year UK residents will be required to pay the Capital Gains Tax for the sale of properties as part of the Self Assessment process and we want to make sure they are aware of the new requirements.
“We’re making it easier for customers to pay any tax that is owed. UK residents, including property developers and landlords, should now use the online service to make any Capital Gains Tax declarations immediately after selling a residential property.”
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