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Welcome to our comprehensive guide on reporting residential property capital gains tax to HMRC! Whether you're a seasoned investor or a first-time seller, navigating through tax obligations can be overwhelming. In this video, we break down everything you need to know, including crucial key dates, essential tax forms, and practical examples to help you understand the process better.
Key Dates:
Sale Date: The date when you sold the residential property.
Submission Deadline: You have 60 days from the sale completion date to report and pay any capital gains tax to HMRC.
Tax Forms:
Form CGT30: Use this form to report the disposal of a UK residential property and calculate the capital gains tax.
Form SA100: Include any capital gains tax due on your annual self-assessment tax return.
Examples:
Example 1 - Selling a Second Home: Suppose you sold a second home on January 15, 2024. We'll walk you through the process of reporting the capital gains tax using Form CGT30.
Example 2 - Investment Property Sale: Let's say you sold an investment property on March 5, 2024. We'll demonstrate how to fill out Form SA100 to report the capital gains tax.
Stay tuned as we simplify the complex world of tax reporting for residential property capital gains! Don't forget to like, share, and subscribe for more helpful content.
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