Author: Richard Spicer

HMRC have confirmed how penalties for late returns are applied when the date for the Corporation Tax Return is earlier than the date which the Accounts must be delivered to Companies House.

If the Corporation Tax Return is delivered late in these circumstances an excuse for the late delivery can be made and if accepted no late penalty would apply. Full details are at https://www.gov.uk/hmrc-internal-manuals/company-taxation-manual/ctm94100

If you are selling a residential property that you have let out since 5^th April 2020 the rules about reporting and paying Capital Gains Tax (CGT) are different.  You will no longer be able to report the CGT in your Self Assessment return at the end of the tax year instead you will have to complete a new standalone online return to HMRC and pay the tax due within 30 days of completion of the sale.

If you have plans to sell a property, we are able to assist you in calculating your CGT liability, contact us at office@sasiow.co.uk or phone 07473 938867