Property CGT - what rate for self employed
Discussion
I’m selling a property that has been a rental, so I will be due to pay capital gains on the increased value.
Question is, I’m self employed and 2024-25 I crept into the higher tax bracket. This year I won’t (hopefully), but formal accounts won’t be ready until later in the year.
So an offer has been accepted and likely to be completed in the next few weeks. The question is what rate will I pay?
My last tax return puts me at 24%, but my expected for this year puts me at 18%.
Given you only have 60 days to pay, what rate do I pay? Can you pay the higher and claim back once my tax return confirms a lower rate?
Question is, I’m self employed and 2024-25 I crept into the higher tax bracket. This year I won’t (hopefully), but formal accounts won’t be ready until later in the year.
So an offer has been accepted and likely to be completed in the next few weeks. The question is what rate will I pay?
My last tax return puts me at 24%, but my expected for this year puts me at 18%.
Given you only have 60 days to pay, what rate do I pay? Can you pay the higher and claim back once my tax return confirms a lower rate?
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