When do I pay my tax if I have sold a property?
Question I have sold a property in June 2004. When do I need to declare the sale to the Inland Revenue and when do I need to pay the tax by?
Your property has been sold in the 2004-2005 tax year which started on Aril 6th 2004 and ends on April 5th 2005. This means that you need to notify the Inland Revenue of your sale in the 2004-2005 tax return.
If you want the Inland Revenue to calculate your tax liability on the sale of your property then you must return your completed form by 30th September 2005. You will then be required to pay any tax due by 31st January 2006.
Alternatively if you have your own accountant/tax specialist and they will calculate your tax liability for you then the tax return must be completed and returned with any tax due by 31st January 2006.
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