Something that went under the radar of the latest budget report was the deadline to submit capital gains tax return (and pay any tax due) on the disposal of UK homes has now been extended from 30 to 60 days, with immediate effect.
The 30-day deadline has been criticised since introduction, and we now hope that this gives necessary time for taxpayers, especially given the often complex work involved.
Also, the budget has noted that for mixed-use properties disposed of by UK residents, only the portion of the gain that relates to the residential part of the property should be reported and paid to HMRC.
However, that being said, there is more that could be done. While the extension is good news, announcements about capital gains tax have been few and far between, and we have found that the technology that HMRC has developed to deal with non-resident UK clients filing relevant returns is difficult to handle and deal with.
This is where Telic can come in and help. We have the expertise required to help you throughout this tricky process, and welcome your call today.