Meet the Other Phone. Flexible and made to last.

Meet the Other Phone.
Flexible and made to last.

Buy now

Please or to access all these features

Money matters

Find financial and money-saving discussions including debt and pension chat on our Money forum. If you're looking for ways to make your money to go further, sign up to our Moneysaver emails here.

Accountants and CGT

3 replies

Takingabreakagain · 07/10/2020 09:32

I'm in the process of selling a house and I know I will be liable for capital gains tax. I've checked the gov.uk website and it seems way too complicated for me to do myself as I lived there, it was rented out due to moving away with my OH job then we continued to let it once he left and bought a separate house for our now bigger family.
I'm looking for advice about finding an accountant and whether there are specialists for CGT or if this is something that all accountants do. I know it needs to be paid quickly after the sale goes through and I'm worried about not getting it right.
Thanks for any advice.

OP posts:
Antonov · 09/10/2020 12:31

Firstly, you need to register for a CGT on property account via your Govt Gateway account. This takes time and the service is not slick so start that first.

www.tax.service.gov.uk/capital-gains-tax-uk-property/start/report-pay-capital-gains-tax-uk-property?_ga=2.246359751.210212050.1593425268-1541962485.1578003980

Secondly, look for an accountant or chartered tax adviser who is qualified and has experience of CGT. The rules are a bit clearer now that they used to be but you will have some relief for times when you were in occupation and for other conditions that may apply.

user1497207191 · 09/10/2020 20:00

Not all accountants are CGT specialists. Most will "dabble" and will be perfectly competent with simple CGT matters, but if there's anything particularly complex or unusual, you'd be better with either a specialist or a larger firm with a larger tax department who'll have staff with more experience. I've been a chartered accountant for over 30 years with my own "one man" practice - I know my limits - I will do probably 50% of potential CGT cases that approach me, but willingly pass the other 50% to more specialist tax advisors. General accountants aren't really tax specialists - you may be better looking for a CIOT (chartered institute of taxation) member -they have a directory on their website.

Takingabreakagain · 10/10/2020 11:15

@Antonov @user1497207191
Thanks for your advice. I'll get on the govt gateway and sort that out now.

OP posts:
New posts on this thread. Refresh page