[rɪəl taɪm ˈkæpɪtl ɡeɪnz tæks ˈsɜːvɪs]
Real Time Capital Gains Tax Service is an online service to pay capital gains tax online. It can sometimes be used instead of filing a Self Assessment.
Real Time Capital Gains Tax Service is an online system provided by HMRC in the United Kingdom that allows taxpayers to report and pay any Capital Gains tax on the selling of assets in real time. It was introduced to make the tax system more efficient and to reduce the number of individuals that are required to submit a Self Assessment.
If you have sold a residential property in the UK on or after 6th April 2020, you are required to use the Real Time Capital Gains Tax Service to report and pay any Capital Gains tax you might owe. If you have sold it on or after 27th October 2021, you have 60 days to report it. Otherwise, qualifying individuals have 30 days.
It is also possible to use this service for other assets than residential property. This means you may not have to submit a Self Assessment. But, it might be needed anyway.
There are loads of different tax laws in the United Kingdom. IR35 is very important to freelancers and contractors but can be a little confusing. Here, we explain simply what IR35 is and who it can affect.
Read more
Self-employed individuals can use two different methods to expense business vehicle costs. Here, we investigate the positive and negatives for both methods and which one might be right for you.
Read more
