HELP

[lolaleila]

Purchased a property in March 2013. Paid £450,000 for the property. Lived in the property for three weeks in April 2013. I then immediately rented out the property. In May 2015 i returned to the property and lived their for a period of ten weeks. In March 2016 I sold the property for £650,000. I have paid no taxes to date. Please could you advise
me on any tax liabilities which have arisen.

[GlobalTaxAdviser]

Hi

You should have paid tax on the Rental Profit and maybe Capital Gains Tax depending on the gain on the property and any Private Residence and Letting Reliefs.

I suggest you take steps to file the 2013/14 & 2014/2015 Tax Returns and later the 2015/16 return

Kind Regards

GTA