Where a taxable gain arises on a UK residential property disposal the taxpayer must report this gain through the UK property account service and pay the tax due within 60 days of the completion date. It is reasonable to assume that the HMRC online system would correctly calculate the gain based on the figures reported.
For UK residents the UK property account does appear to calculate the gain correctly based on the figures supplied.
However, where the taxpayer is
not a UK resident, HMRC has confirmed on the Agents Forum that the
service does not calculate the gain correctly, and the system may even
tell the taxpayer there is nothing to pay.
Tax does have to be taxing.
Tax Investigation Insurance
Market leading tax fee protection insurance for businesses, sole traders and individuals. Protect yourself from accountancy fees in the event of an HMRC enquiry.
Having a Solar Protect Tax Investigation Insurance policy at your disposal means that should you be one of the many 1000's of businesses or individuals that are selected by HMRC each year to look into your tax affairs your own accountant (your tax return agent) can get on and defend you robustly.
You have the peace of mind knowing that your accountant's (your tax return agent) fees will be paid by the insurance without any Excess for you to find.
Tax Investigation Insurance is an insurance policy that will fully reimburse your accountant's (your tax return agent) fees up to £100,000 if you are subject to enquiry by or dispute with HMRC.
A Solar Protect policy will enable your accountant (your tax return agent) to:
- Deal with any correspondence from HMRC
- Attend any meeting with HMRC
- Appeal to the First-tier Tribunal or Upper Tribunal
- Having the security of knowing that fees will be met in full will enable your Accountant (your tax return agent) to defend your position robustly
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