THP’s Platinum MTD Service with FREE Landlord Software

Looking for free MTD compliant landlord software?

A comprehensive package that will help you manage your buy-to-let portfolio?

If the answer is ‘YES!’ then look no further.

As The Landlord’s Accountants, THP has teamed up with Hammock – the Making Tax Digital compliant software made by landlords for landlords.

  • Free MTD Landlord Management Software
  • Your own buy-to-let specialist accountant working for you
  • Access to landlords’ advanced tax planning services
  • Preparation of annual Self-Assessment tax returns for you and your spouse/partner
  • And much, much more…

Capital Gains Tax on sale of property – THP offers  an express service

DON’T LET THE CAPITAL GAINS TAX ON SALE OF PROPERTY RULES CATCH YOU OUT…

If you sell a property in the UK you must now report and pay any Capital Gains Tax (CGT) due within 60 days of the date of sale of the property. This was previously 30 days.

And like most UK taxes, the calculation of Capital Gains Tax on sale of property is not for the faint hearted.

If you fail to report this on time, or calculate the tax due incorrectly, you will likely have to pay interest and a substantial penalty on top of the tax amount itself.

Over the years, many CGT exemptions and reliefs have been brought in by the government, sometimes only to be withdrawn many years later.

In recent times we have seen several changes, including the removal of Lettings Relief which facilitated substantial CGT savings to those who had lived in a property that was let out and then eventually sold.

Andy M. WP Engine Test

To calculate any CGT due accurately you will need to uncover a fair bit of detail and some of the detail you will need relates to when you acquired the property in the first place.

  • Was it a gift or was it inherited? Who valued it when you bought it?
  • Is it jointly owned? Was this always the case?
  • What is the tax position of the owners?
  • For which periods has it been lived in by you or let out to tenants?
  • What improvements have you carried out and when? How much did they cost?
  • What other tax deductible expenses have you paid out which may reduce the tax due?

Answers to all these questions and others beside will be needed quickly if the correct amount of tax is to be calculated and paid within the 60 day time limit and penalties avoided.

Luckily, the tax experts at THP Chartered Accountants are ready to help you fast.

For a fixed fee, we will work swiftly to provide you with a fully detailed calculation and assist you in reporting this to HMRC in time.

So if you have sold a property or are in the process of selling – don’t delay as the clock is already ticking. Getting all the information together will certainly take longer than you may think.

Contact us today so that we can make a start.

Need further advice on any of the topics being discussed? Get in touch and see how we can help.

Salutation is required
First name is required
Last name is required
Phone number is required
Email address is required
A message is required
Yes! Please sign me up to receive THP’s Email Newsletter
I have read and understand THP Limited's Privacy notice.
Avatar for Kirsty Demeza
About Kirsty Demeza

With a portfolio that ranges from startups to companies with a £10 million turnover, Kirsty’s talent for working closely with her clients ensures her services remain in strong demand.

“The most rewarding part of my role is seeing clients succeed,” she says. “When you help a new business and watch it expand into new premises and secure big contracts, it’s a great feeling.” Kirsty never finds two days are the same.

As well as providing accounting services that range from self-assessment tax planning and VAT to audit and accounts, she’s part of THP’s sales team and closely involved in helping our trainees to develop their skills.

Join The Conversation
ICAEW
Cyber Essentials Plus certification
Sign up for our Newsletter