Capital Gains Tax Filing

Capital Gains Tax Service [CGT]- £550 Plus VAT

Our Capital Gains Tax Service is a bespoke service and is only available by contacting us at customerservices@primeformation.co.uk or calling us on 0333 533 0264.

Capital Gains Tax is a tax on chargeable persons who have made a profit on assets disposed of through sales, gifts, swaps or other means. The assets disposed of may include Buy-to-let property, residential or commercial property, shares and stocks and other chattels.

There is a yearly provision for a Capital Gains Allowance which reduces the liability to Capital Gains Tax. The tax-free allowance [Annual Exemption Amount] for the year 2021/2022 is £12,300.

The Taxation of Chargeable Gains Act 1992 identifies the following persons as liable to tax on their capital gains:

• Individuals
• Trustees and Personal Representatives
• Companies who are assessable to tax on their chargeable gains through Corporation tax

The Process

At Prime Formations, we can help with determining your Capital Gains Tax liability by observing the following steps:

To report any Capital Gains as stated by HMRC you will need:

• Calculations for each Capital Gain or Loss you report
• Details of how much you bought and sold the asset for
• The dates when you took ownership and disposed of the asset
• Any other relevant details, such as the costs of disposing of the asset and any tax reliefs you’re entitled to
• Where you sold the residential property on or after 6 April 2020 you would need to report and pay any tax on UK residential property using a ‘Capital Gains Tax on UK Property Account’ within 30 days of selling it.
• For non-residents, you must use the above service according to HMRC for disposals from 6 April 2020 of the following properties:
  • Residential UK Property or Land
  • Non-Residential UK Property or Land
  • Mixed Use UK Property or Land
  • Indirect Disposals

Once you place an order, we would require the following information to be in a position to calculate your Capital Gains:

• Property address and postcode
• Date of Property Acquisition
• Date of Exchange of contracts at the point of selling or disposing of the Property
• Completion Date
• Value of the Property at Acquisition or Purchase
• Value of the Property at disposal
• Costs of buying, selling or making improvements to the property
• Details of relevant tax reliefs, allowances or exemptions
• For non-residents- the type of property disposed of

Accountancy and Tax Service

Our Tax and Accounting Division-Prime Formations Partnership (a Firm of Qualified Accountants) Would deliver Capital Gains Tax Computations and Submissions particularly within 30 days of sale.

Capital Gains Tax Computation [Property value up to £500,000] £550 plus VAT

The fee includes the following:

• Computation of CGT Liability
• Application of available tax reliefs and claims where relevant
• Creation of a ‘Capital Gains Tax on UK Property Account’
• Completion and submission of the return within 30 days of the sales or disposal of your property.
• To achieve the very tight deadline all paperwork as enumerated above must be received by Day 10 after the sale giving us a clear 20 days time frame to complete and submit the return and advise you of payments you need to make to HMRC.

Please be aware that the completion of a self assessment tax return is charged separately.