How to report capital gains using GoSimpleTax
When disposing of a residential property, it’s essential to know how to report any capital gains. This guide walks you through the steps to complete the self-assessment tax return for capital gains related to residential properties.…
5 Minute Read
Last Updated: 31st March 2024
When disposing of a residential property, it’s essential to know how to report any capital gains. This guide walks you through the steps to complete the self-assessment tax return for capital gains related to residential properties. It highlights important considerations and explains the tax implications for second homes or investment properties.
Using GoSimpleTax you’ll enter detailed information about the sale, purchase, and any improvements made to the property. This includes the sale and acquisition costs, solicitor’s fees, and any significant improvements that could affect the property’s value.
By following the steps listed in this guide you can accurately calculate and report any capital gains. Additionally, the guide addresses the importance of declaring losses, as these can be carried forward to offset future gains, potentially reducing your future tax liabilities.
Blog content is for information purposes and over time may become outdated, although we do strive to keep it current. It's written to help you understand your Tax's and is not to be relied upon as professional accounting, tax and legal advice due to differences in everyone's circumstances. For additional help please contact our support team or HMRC.
How to keep track of your side hustle income and expenses
16 Apr 2024
12 things business partners should know about Self Assessment
15 Apr 2024
Everything you need to know about payments on account
31 Mar 2024
How GoSimpleTax Works
Register
Simply register for free with your full name and email address.
Select Your Income
Select the income you receive and follow the hints and tips for potential tax savings.
Validate Your Information
Validate your personal information and submit directly to HMRC to get confirmation in just seconds.
Work Anywhere, With Any Device
Gone are the days of fretting over a calculator surrounded by scraps of paper at the eleventh hour.
GoSimpleTax’s tax return software uses the information you upload in real time to calculate your income and expenditure, working out the tax you owe and sending you helpful notifications when there’s the possibility of a mistake.
"The software is intuitive and proved very easy to navigate. I found the whole process refreshingly simple. I saved a lot of money too!"
Steve J.
Ordained Presbyter
"Easy to use and value for money. Everything you need to do your tax."
Gordon J.
Self Employed
"It fills in all the forms and sends them to the Inland Revenue. Not expensive either. Takes the stress out of doing your tax return online."
Ross G.
Team Rector