Property sale gain? 

If you are an individual who is currently within self-assessment you will have previously reported any capital gains due on a property sale on your personal tax return which you prepare on an annual basis. 
 
Since 6th April 2020, individuals have had to report gains on the sale of property within 30 days. This is not reported via the usual self-assessment method. 

What do you need to do? 

Unless you already have one, you need to create a Government Gateway Account for yourself with HM Revenue & Customs. This is separate to the access that your tax accountant has, when preparing your annual return. 
 
Once this is established you will then have to create a Capital Gains Tax on UK property account and authorise an accountant as your agents. 
 
There is no short cut to this procedure and we cannot complete the process without the authorisation for our clients. This is something individual taxpayers must do independently of their accountants. 

Step by step - how to create a Government Gateway account 

 
visit www.gov.uk 
HMRC services : sign in or register 
Click - want a personal tax account 
Start now (green button) 
Create an account – then choose 
Government Gateway 
At this stage you will probably be asked to quote your NI number (XX 00 11 22 CC), home address, contact email address, mobile phone number plus details from a UK passport or driving licence, so please have these details ready. 
At the final stage you should be given a Government Gateway ID + request for a password. 
Our advice is to keep the password simple and please ensure you make a note of it. 
After establishing the Government Gateway Account, you then need to create a Capital Gains Tax on UK property account. You will then be able to authorise an accountant as the relevant agent and be given an authorisation code, normally consisting of 15 characters e.g. XYCGTP123456789. Please advise us of the authorisation code if we are acting for you. 
 
We offer FIXED FEES for this reporting and have a fast turnaround time to prepare and submit the return along with the relevant capital gains tax computation. 

Questions or queries? 

Please do let us know if you have any questions or if you need any further help understanding the rules. – please call us on 01932 564098 or message us here. 
 

Information correct at time of publication 

This article was produced in June 2021 – please always check with Fuller Spurling that information is current, up to date and applicable to your situation. 
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