Changes to Capital Gains Tax & Property Issues
Our founder has over 20 years’ experience working in HMRC as well as having professional tax qualifications. All of our staff have either HMRC or an accountancy background.
HMRC has recently changed the rules for reporting Capital Gains and the Capital Gains Tax (CGT) due as a result of the disposal of residential properties. You must now file a Capital Gains Tax Return to HMRC within 60 days of the disposal of the asset. Should you fail to inform HMRC of the disposal along with paying the Capital Gains Tax due as a result of the disposal within the new 60-day time limit, you may face a financial penalty.
That’s where Lexicon steps in, with our expert knowledge of HMRC with ex HMRC staff, we ensure that our clients are in a position to report the correct Capital Gain to HMRC and pay any Capital Gains Tax due at the appropriate time and within the new time limit, avoiding any financial penalties. We can also ensure we utilise all legitimate reliefs, allowances and ‘loopholes’ to minimise the CGT tax liability.
Are you due to pay capital gains? If so our highly experienced team are here to help to make sure you’re paying the right amount of tax.
Here at Lexicon Tax, our fully trained and approved ex-HMRC Senior Tax Professionals have a solid understanding of the rules behind Capital Gains Tax with decades of experience. We can identify any area where your Capital Gains Liability can be reduced and the variables that can be applied, all legally and perfectly acceptable to HMRC.
Our team, ensure you pay the correct amount of tax as well as potentially saving you substantial amounts of tax, and with some clients paying no Capital Gains Tax at all.
We do not sell avoidance, just a solid understanding of the rules behind capital gains tax and the variables you can apply to reduce your capital gains tax bill.
How can we ensure you will not get a fine from HMRC?
At Lexicon Tax, we provide our clients with a Capital Gains Tax computation along with advice which fully explains the computation, ensuring that our clients avoid any financial penalties should HMRC decide to investigate the Capital Gains Tax return.
As we can demonstrate our client has taken reasonable care in engaging our professional service to prepare their return, HMRC guidance states that no penalty can be charged should a person take reasonable care, although if a person does not seek professional advice, this permits HMRC to argue that they have been, at the very least careless.
HMRC may decide to enquire into any element of the Capital Gains Tax return, which they may do for any number of reasons. HMRC may then impose penalties of up to 30% of the tax that’s due. Furthermore should HMRC consider that a person deliberately took steps to reduce or avoid paying their tax liability, HMRC may impose a penalty of up to 100% of the tax that’s due.
Contact us as early as possible if you’re considering disposing of any assets so we can help you avoid pitfalls which may result in higher tax or even potential financial penalties.
Frequently asked questions
You can certainly do it yourself, however you could end up paying too much or not enough tax. If you pay too little without taking professional tax advice you could end up with a big fine. If you pay too much, you may never realise and struggle to claw it back. It doesn’t cost anything to give us a quick call and discuss your situation. We don’t use pressure sales tactics and there is no obligation for you to sign up with us.
A Capital Gains Tax computation is a clear calculation of your capital gain and clearly sets out how your tax has been worked out. It then shows you how much tax is due on the sale of your property, business, shares, or other asset you have disposed of. It is a specific format required by HMRC which they will accept as evidence that your Capital Gains Tax has been worked out properly
Nothing! We offer free initial consultation after which we will send you a written quote of how much we would charge to deal with your tax matter. Call us today on 0114 4000192 to book your free consultation.
Why choose Lexicon Tax for your capital gains advice?
Free consultation with no obligation to proceed
Save money on capital gains tax payments
Specialists in capital gains tax advice
We specialise in capital gains tax advice and producing capital gains tax computations, so you know you’re in safe hands.
No fines from HMRC*
*IF A PERSON TAKES REASONABLE CARE THEN NO PENALTY WILL BE CHARGED BY HMRC. ONE WAY OF TAKING REASONABLE CARE IS APPOINTING OF A QUALIFIED TAX PROFESSIONAL. HOWEVER, A FINE COULD STILL BE LEVIED IF OUR ADVICE IS IGNORED OR IF AN INDIVIDUAL ATTEMPTS TO DELIBERATELY DEFRAUD HMRC. WE CANNOT GUARANTEE HMRC WILL NOT INVESTIGATE, NOR CAN WE GUARANTEE THEY WILL NOT ISSUE A FINE/PENALTY
