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.…

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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.

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Blog content is for information purposes and over time may become outdated, although we do strive to keep it current.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.

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