Capital Gains Tax (CGT) Payment For Property Disposals – Penalties Reminder
HMRC introduced a new service on 6 April 2020 to allow people to report and pay Capital Gains Tax.
You can find out more on GOV.UK – Report and pay Capital Gains Tax.
Deadlines for UK residents disposing of UK residential property (not an owner’s main private residence) and non-UK residents disposing of both UK residential and non-residential property changed from 6 April 2020.
There are late filing penalties for those who fail to notify HMRC about a disposal or pay the tax due within 30 days from the date of completion. However, for disposals between 6 April and 30 June 2020 there will be no late filing penalty, provided the return and payment due, was made by 31 July 2020. For any transactions completed from 1 July 2020 late filing penalties will apply if the details of the gain and payment is not made within 30 calendar days from completion.
Off-Payroll Working Rules (IR35)
The off-payroll working rules (IR35) legislation for changes to non-public sector organisations is included in Finance Act 2020. The reform will take effect from 6 April 2021, as previously announced.
There are several ways to pay HMRC.
You can do this by:
- Direct Debit
- Faster Payment
- Personal debit card
- Corporate credit and debit card*.
*Payments made by corporate credit card incur a surcharge which goes direct to merchant acquirers, card schemes and card providers. This will also apply to corporate debit cards from 1 November 2020.