Capital gains Tax Return
Written by Ray Coman
We can assist with the preparation of your Capital Gains Tax Return so that it is filed correctly and on time. Our qualified accountant, Ray Coman, has the experience to deal with the intricacies of the process and can achieve a quick turnaround. He specialises in Capital Gains Tax (CGT) compliance, and can therefore ensure you pay only what is necessary and avoid penalties.
Coman & Co offer the following:
| Fixed Fees | Personalised Advice | HMRC-Compliant Returns | Submitted Within 72 Hours (in 96% of cases)
Capital gains tax explained
Capital gains tax applies to the sale of assets, such as: property, investments and shares in your employer’s company.
A disposal of the above needs to be reported on a Tax Return. The tax year in the UK ends on 5 April. The Tax Return reports disposal and includes a calculation of tax. The Return and any tax are both due by the 31 January following the end on the tax year (on 5 April.)
In addition to the above, the disposal of UK residential property (that has not been your home for the whole time you owned it) also gets reported on a Capital Gains Tax Return. The CGT Return and any CGT payable is due within 60 days of completion of the property.
How CGT be reduced
Some of the more common ways CGT is lowered include:
- Any period that the property was your home will reduce the amount of gain that is taxable.
- Trust property
- Extensions and some renovation costs can reduce the taxable gain. We can help advise on how this can be evidenced. We can also guide on what building work counts as improvement rather than repair.
- Your other income will determine the rate of tax applicable to the gain. We can assist with planning, for instance around pension contribution and the timing of disposals to minimise tax.
- Residency can affect capital gains tax, and therefore we can advise on how plans to arrive in the UK or leave the UK will affect the position. We deal with non-resident landlords and non-resident landlord companies and are an approved UK-regulated agent with gov.uk for this purpose.
- Transfers between spouse are exempt, and transfers to children can help to shelter family assets from inheritance tax, income tax and capital gains tax.
Our service
We can assist with preparing your Tax Return and (for residential property) Capital Gains Tax Return as well. We have dealt with a wide range of scenarios and have expertise in residential and commercial property, shares, crypto assets, inherited estate, employment related shares and shares with special tax relief such as enterprise investment scheme.
Coman & Co has the specialist expertise to guide you through your obligations.
Our CGT service includes:
- Calculating your capital gain and allowable reliefs
- Preparing and submitting your 60-day CGT return (UK property)
- Reporting CGT on self-assessment tax return (if applicable)
- Advice on minimising tax liabilities within the law
- We can also advise on hypothetical situations and provide tax forecasts for different scenarios.
- We can help with situation where you have missed the deadline, have an HMRC enquiry, or need to make a disclosure. We have experience in this area and can liaise with HMRC on your behalf.
Book a free consultation and speak to a qualified accountant. 94% of our requests are responded to within one working day.
The quality we add
With Coman&Co you will have direct access to our experienced principal accountant, Ray Coman. You will not be left to communicate with more junior staff.
Our offices are in London. We understand the local property market and Ray Coman is himself a landlord (as well as a seasoned tax adviser.)
Example of the kind of client we deal with
✅ UK property owners of both residential and commercial, let property and second homes
✅ Non-residents with UK property
✅ Investors – Shares, stocks, crypto assets
✅ Landlords selling second homes
✅ Executors handling inherited assets
You can read our reviews which have been posted by clients over the years using their Google profiles.
How it works
Arrange a free, initial meeting. Your requirements will be established. Once the scope of the work is understood, we will provide you with a written estimate of our fee. The estimate will be based on our fixed fees which are published.
Once you electronically agreed the estimate and have become a client a reminder will be sent out. You are not committed to the fee until you have sent the information required to carry out the work. In response to that reminder, please send the required details, such as relating to the purchase and sale of the asset.
We will prepare the CGT documents for your review. You can request two alterations for no additional fee if required. Once approved, we will file the document on your behalf and guide you through the process as to what to pay and when.
If there is any follow up from HMRC, we can deal with this on your behalf as well. Subject to your authorisation, we would deal with HMRC on your behalf throughout the process, and confirm once the Return has been filed.
