30 day return requirement for property disposals
We are still seeing a number of cases where people making property disposals have been unaware of the requirement to file a special tax return and pay the tax due within 30 days of completion.
If this deadline is missed, HMRC will charge penalties and interest.
The rules are as follows:
A 30 day return is necessary where a residential property has been sold giving rise to a capital gains tax liability.
This could be, for example, a second home, a rental property, or an inherited property that has increased in value during the probate period.
The process requires the seller to register with HMRC and create a "capital gains tax on UK property" account.
Similar rules apply to non residents, who must complete a 30 day return for all property disposals – not just residential property – irrespective of whether there is a tax liability.
Our broad client base includes technology start-ups, business owners, international groups and non-profit making organisations. Whether you're an entrepreneur who needs advice with a new venture, an established business looking to make some changes, or a not-for-profit organisation seeking a more engaged accountant, we are here for you.
We see ourselves as an integral part of the businesses and larger communities which we serve, playing our part in a responsible and ethical way. This community ethos is woven into the fabric of Corrigan – ours is a small team of skilled and motivated accountants, building relationships at the regional, national and global level.
We're passionate about what we do. You'll find that we are as driven as you when it comes to striving for the best. Every service is tailored to meet your needs, offering you innovative and pragmatic solutions to whatever challenges you face.
Talk to us – we'd love to collaborate with you.