From 6th April 2020 the way you declare your Capital Gain Tax (CGT) to HMRC when selling a second property changes. Instead of just including the sale in your end of year personal tax return you must also now personally declare the gain online at www.hmrc.gov.uk and pay the tax due within 30 days of the sale. There is an online calculator to help you pay the correct tax. The sale must also still be included on your end of year tax return. The prevailing tax rates on the sale profit of 18% for basic rate tax payers and 28% for upper rate payers remains and you also still receive the £12,000 CGT tax free allowance. If your gain is less than this you do not have to declare online.
The latest news from PMC Partnership incorporating Pomfreys Accountants – 25th March 2024
From 6th April 2024 the National Minimum Wage for Employees 23 years and over will rise from £10.42 to £11.44. Please note this is the Employers legal responsibility to check their employees are earning at least this amount and inform the office to amend the payroll if required.