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Michael Sohor & Co is now known as Tamen Accountants. This is a name change only - we are the same dedicated team, and look forward to serving our valued clients for many years to come.

If you sell a residential property, resulting in Capital Gains Tax liability, this must be reported to HMRC within 30 days of the completion date. This is a new requirement since 6 April 2020. This must be reported online to HMRC by the taxpayer. Failure to report in the 30 day time frame, and pay the Capital Gains Tax due, will result in a penalty.

You have 2 years from the date of acquisition of a second home to nominate it is your principle private residence (PPR). Currently the last 18 months of your ownership of a property which you have lived in as your “PPR” are exempt from Capital Gains Tax. Lettings relief is all but gone now, with only periods where you co-habited with your tenant qualifying for lettings relief.

Yes you do, but there may be options to reduce this substantially. See the next FAQ for more info.

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Our tax experts we can make sure all your tax returns are filled out and submitted in the most efficient way. Get in touch to find out more about our tax return services.