New rules come into effect on 6 April 2020 for property owners with taxable gains on their residential properties...

After 6 April a new standalone return must be sent to HMRC and any tax due paid within 30 days of completion of the sale.

In the past taxpayers had until the self-assessment deadline of 31 January, after the disposal of the property to pay.

Taxpayers will now need to have a government gateway account for you to log into, so you can do this return for them. Taxpayers will also need to estimate their income for the year so you can apply the correct rate of CGT – either 18% or 28%.

Many experts are calling this a seismic change for property owners.

Non-resident company changes

Moving forward non-UK resident companies will have to pay corporation tax on their UK property income, for the first time.

New rules for collective vehicles means non-UK resident companies will pay corporate rather than income tax.

Companies should receive automatic corporate tax registration and will be sent a company unique taxpayer reference (UTR), by 30 June 2020.

There is no requirement to register with Companies Bouse, unless there is a permanent establishment in the UK.