HM Revenue and Customs (HMRC) have started a new campaign that targets those who have sold a property, that is not their main home and have not notified them of any profit made. The Property Sales Campaign applies to anyone who has sold a property in the UK or abroad and has not paid Capital Gains Tax (CGT).
UK residents have until 9th August to let HMRC know of any unpaid tax that has arisen from the sale of a second property and must pay any tax owed by 6th September. If the tax remains unpaid and people do not declare this to HMRC, the penalties will be much higher than if they come forward voluntarily.
If you have sold a property that is not your main residence and have not paid tax on it, call Alexander & Co today on 0161 832 4841. Alternatively, please complete our online enquiry form and one of our tax accountants will be in touch promptly. Alexander & Co are based in Manchester city centre and Media City, Salford Quays.