Just a quick reminder that if you are selling a residential property that has a tax liability attached you need to declare the capital gain and pay the tax within 60 days of the date of disposal.
Some tips:
> As soon as the property is on the market, or certainly as soon as you get an offer, start pulling together the details you will need. The sale details will all wash out from the solicitor but the purchase costs, and any enhancement costs, will need to come out of your files.
> Put the tax aside. HMRC will fully expect you to have the money to pay the tax on the due date and won’t take too kindly if you use the money for other purposes.
> Do the homework on how to declare and pay. HMRC has a lot of really useful information on their website. If you love admin and paperwork you are in for a treat! There is plenty to do!
> Include the sale on your tax return! Just because you have declared and paid it does not mean you are done. If you normally complete a tax return you will need to include the details on your tax return as well.