World News – AU – Capital Gains Tax Changes Self Assessment Customers Must Know About

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HMRC customers have until 31. January 2021 Time to declare gains on the sale of a UK residential property that was not your primary residence in the 2019-2020 financial year and pay any capital gains tax due.

Anyone who sold a second home between 2019 and 2020 no longer has time to state this in their tax return for self-assessment.

HM Revenue and Customs (HMRC) reminds customers that they are up by May 31. January 2021 have time to disclose profits from the sale of a UK residential property that was not your primary residence in the 2019-2020 financial year and pay the capital gains tax due.

Since the 6. April 2020 changed the way customers declare and pay capital gains taxes. UK residents who have UK residential property that is not their primary residence and who are generating a capital gain on which tax is payable should use the online service to notify HMRC and the tax due within 30 days of completion to pay.

Non-UK residents who own land and property in the UK should also use the online service whether or not a profit is made.

Customers can learn more about the changes to how capital gains taxes are declared and paid on GOV. United Kingdom.

The new rules affect landlords or developers selling part of their residential property portfolios or UK residents selling a residential property that is not their primary residence.

The 2019-2020 tax year will be the final year UK residents will have to pay capital gains tax on property sales as part of the self assessment process. We want to make sure that you are aware of the new requirements.

We make it easier for our customers to pay taxes. UK residents, including property developers and landlords, should now use the online service to file capital gains tax returns immediately after selling a residential property.

Customers must continue to inform HMRC about any liabilities from capital gains tax in their tax return for self-assessment from 2020 to 2021. However, payments already made will not be offset against your annual tax return.

Customers will continue to fill out their tax returns for other capital gains tax returns in the future. They pay taxes on profits in excess of their tax-free allowance when they sell:

Self Assessment clients can access a number of resources to complete their tax return for GOV. UK, including videos, webinars, help sheets and web chats.

To protect against identity fraud, customers must verify their identity when accessing HMRC’s online services. You must have two sources of information including:

Self Assessment customers can create their own payment plan to reduce the cost of their tax liability to the value of 30. 000 GBP to distribute. You can use the self-service « Time to Pay » feature to set up monthly direct debits. From the 1st. In February 2021, interest will be paid on all outstanding amounts.

If your self-assessment debt is more than 30. Is £ 000 or it takes more than 12 months to pay your debt in full, you may still be able to reach a time-to-pay arrangement by calling the Self Assessment Payments Helpline on 0300 200 3822.

From the 6. April 2020, someone who does not report property gains within the 30-day period may be punished with a late filing penalty. Failure to pay the tax within the same deadline may be a late payment penalty and be subject to late payment interest.

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Capital Gains Tax, HM Revenue and Customs, Finance, Investor