Make sure you report the gain arising on the sale of residential property to HMRC using their Online Reporting facility and pay the capital gains tax within 60 days of the completion of sale.

Late reporting or late payment of tax can result in penalties being incurred.

Gains reported to HMRC within 60 days of the completion of sale will also still need to be included on your personal tax return for the tax year in which the gain has arisen.

Be aware that the tax-free annual CGT exemption is now only £3,000, so any gains in excess of that amount will be chargeable to tax.

Depending on the level of your other income, any gain arising from the sale of residential property will be either at 18%, 24% or a mix of the two rates.

If you want help with the capital gains tax computation and the Online Reporting, please contact us and we can assist and advise you.

We can also provide provisional calculations and guidance if you are only just considering whether or not  to sell just now.