Client alerts: Dealing with tax changes

30-day CGT deadline

Have you notified clients with buy-to-let or similar residential property investments of the changes to CGT on disposals after 5 April 2020?

The change to a 30-day filing and payment deadline will place acute pressures on you and your clients if you are to avoid late filing and payment penalties.

Four good reason for notifying ALL affected clients now

We have listed below a few of the compelling reasons why you should not delay, and advise affected clients now of the 30-day change next year:

    1. You never told me about this – you pay the penalty. This old chestnut will likely raise it’s head if clients sell chargeable properties after 5 April 2020, and an on-account payment is not made within 30 days of the sale. Advise now to evidence that you have given clear advice and thus avoid any chance that your PI cover is compromised.
    2. Set-up guidelines for management of the computation – 30 days is a frighteningly short window to collect the required information and submit a computation. Hopefully, don’t hold your breath, tax software application will include the required functionality from 6 April 2020. Our alert sets out a possible framework/timetable for the collection of data.
    3. Possible planning opportunity for disposals before 6 April 2020 – our alert includes a reminder of the present planning window to sell before 6 April 2020 and benefit from the present, more relaxed, filing and payment deadlines.
    4. A new income stream for your practice – you should advise all your buy-to-let and similar clients of these up-coming changes, that you have their back and that you will be able to manage the tighter deadline for them. The alert provides this information.

More about our client alert on this topic

As with our previous clients alerts, the copy we provide is in Word format and is copyright free – you can edit to suit your practice style etc. It is short, to the point and written in plain English. All you need to do is edit, if required, copy to an email and send to clients that own properties that may be affected by the change.

The copy is written by Bob Edwards. If you need to contact Bob, email bob@landmarkpd.co.uk or call his mobile, mornings are best, 07879 896073.

Bob Edwards

Bob has been working with practices across the UK offering novel ways to improve cross-sales and increase new client acquisitions. He is also interested in "step changes" in legislation that offer challenges, and therefore opportunities, for practitioners to provide new recurring and one-off support services to clients.