If you have sold a UK residential property, which is not your main home you must declare the profits to HM Revenue & Customs and pay any CGT due.
If you sold property after 06 April 2020:
You must report and pay to HM Revenue & Customs any CGT due on UK residential property using a Capital Gains Tax on UK property online account within 30 days of sale/disposal.
Penalties and interest may be charged if you do not report within 30 days.
If you sold property before 06 April 2020:
You must declare this when completing your Self-Assessment Tax Return 19-20 as it would have been done in previous years.
Please note this important change in declaring your CGT to HM Revenue & Customers in order to avoid penalties/interest charges!!!
For more information, please visit https://www.gov.uk/government/news/capital-gains-tax-changes-that-self-assessment-customers-need-to-know
Don’t hesitate to contact us if you have any queries.
Parker & Co.