Did you know the Capital Gains Tax (CGT) rules changed again in October 2021?

If you sell a property – and it’s not your main home – you normally have to pay Capital Gains Tax on any gain you make. Before April 2020, you would have had up to 22 months from the sale date to calculate, report and pay CGT to the taxman. 

From April 2020 the new system became much more stressful. You had to complete a CGT return and pay over the tax within 30 days. From 27 October 2021, that window was extended to 60 days, but it still gives you very little time to comply. If you don’t, you could get hit with both penalties and interest.

Because HMRC wants you to pay quickly, it gives you precious little time to deal with the complex paperwork, let alone explore legitimate ways of reducing your tax bill.

But don’t worry – THP can help. We’ve created a new, super-fast CGT on Residential Property Service that not only makes sure you avoid penalties but can also help you cut your tax bill.

Read on to find out how our three-tier Capital Gains Tax, UK Property Service works, or request a call back to learn more.

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Capital Gains Tax on Property
Capital Gains Tax UK Property Service

Avoiding Capital Gains Tax penalties after the clock starts ticking

From the moment you sell your property, the countdown begins. You have only 60 days to make a series of complex calculations and work out how much CGT you owe – and whether you qualify for any exemptions or reliefs. Before you even start, you have to unravel a whole jumble of essential details, including:

  • Whether the property was a gift or inherited.
  • Who valued it when you bought it.
  • Whether the home is jointly owned, or ever was.
  • Your tax position.
  • The periods when you and / or tenants lived in the property.
  • Any improvements you have made, plus their cost.
  • Any tax-deductible expenses you have paid out.

If you are not a CGT on property expert, it’s all too easy to get your calculations wrong. If you do, you could end up paying too much tax or too little. Pay too little and HMRC will claw it back – potentially with interest and penalties.

Why risk getting it wrong? Ask our CGT experts to do the hard work for you. We’ll turn your CGT return round in double quick time and make sure your calculation is accurate. You can also ask us for tax planning advice that may bring your bill down further.

Three service levels to choose from

Whether you simply want your CGT red tape to disappear, or you’d like help from our tax experts to reduce your bills, we’ve created three service levels to meet your individual needs. See the FAQs on this page to learn more about our service standard and guarantee, plus information on timescales.

Essential CGT Service

This is our speedy CGT calculation and submission service for people who want to avoid late-filing penalties and interest.

Tax Planning CGT service

This service not only takes care of your paperwork, but also offers you tax planning advice that can help you cut your CGT bill.

Premium CGT service

Our premium service is our ‘gold standard’, offering everything from a detailed review of your circumstances to a UK residency review.

How the three service levels compare

Essential CGT service Tax Planning CGT service Premium CGT service
Discount for providing up with tax return information promptly
Tax return checklists to help you gather required information
Complete CGT return from your information
Calculate tax liability and amounts due
File CGT return securely online
Investigate possible tax savings using our systemised approach
Identify tax planning opportunities and quantify possible savings
Provide explanations of advantages / issues in an easy-to-understand format
Identify future tax saving opportunities for consideration
Provide a summary of suggested steps to achieve the proposed planning
Undertake a detailed review of your current and future circumstances
Guide you step-by-step through the implementation of your tax planning
Actively minimise implementation risks
Undertake a UK residency review to establish your UK tax position
Unlimited FREE advice and consultations in relation to your planning
A tax savings tips brochure covering many issues and opportunities
A FREE year-end planning review

Get started today – get in touch with our expert CGT team

Our CGT on Residential Property Service Team is led by THP Director Kirsty Demeza, supported by her team of tax managers with experience in property taxation. Kirsty and her team are very happy to answer any questions you might have. Simply click the button below to get in touch now, or take a look at the FAQs on this page.

Frequently Asked Questions

It depends. Capital Gains Tax on property can range from 18% for basic rate taxpayers to 28% for higher rate taxpayers. There are also allowances that need to be factored in – we will do this for you and make sure you don’t pay more than you need.

You have 60 days to report and pay CGT from your property sale, so please talk to us as quickly as possible. If you consult us before the sale, we may find ways to reduce your CGT bill.

You can’t. But with expert help you may be able to lower your final CGT bill.

Normally, no. Most of our clients pay CGT on rental properties that they are selling. We will advise you.

If you simply need our Essential CGT Service, we will accurately calculate your return within 48 hours (or sooner) of you providing us with the information we need. Once we have informed you of the calculations, we will submit it to HMRC online within a further 24 hours. If you need a faster service, this may be possible if you can provide us will all relevant information quickly. Should you also require tax planning services, we strongly recommend you get in touch before you complete your property sale. We will provide you with a timescale once we understand your requirements.

You report and pay CGT to HMRC online. We will submit the report for you, although you will need to make payment.

Once you engage us, we will send you a checklist that tells you what information we need to calculate your CGT return. This makes it simple for you to find relevant documents. If you require our Tax Planning or Premium services, we will meet with you to discuss your requirements and circumstances, before giving you a timeline of next steps. If you would like more details of this now, please get in touch.

THP provides a professional service to high standard. We do what we promise on time, if not before. We also guarantee that your CGT return will be accurate, giving you peace of mind that you are not paying more tax than you need. All tax advice we provide is offered by experts in Capital Gains Tax and we actively minimise implementation risks.

We provide a good value, fixed price service. Once you have told us your requirements, we will give you a quotation for the work you have asked for. That is the price you will pay – there will be no further charges or hidden extras.
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