CGT question

[zara]

Hello

I had a property which I have always considered as my princple private residence however I have let it out for the majority of the time that I have owned it (due to living with parents and then living abroad for 2 years). However, i did live in the property for a few years but i sold it last year to buy a bigger place.

Do I owe CGT on this property?

Can you please recommend an accountant who can help in this situation?

Thx

[Tax Accountant]

Hello

I had a property which I have always considered as my princple private residence however I have let it out for the majority of the time that I have owned it (due to living with parents and then living abroad for 2 years). However, i did live in the property for a few years but i sold it last year to buy a bigger place.

Do I owe CGT on this property?

Can you please recommend an accountant who can help in this situation?

Thx

Your CGT liability, if any, will depend on the exact facts,such as date and cost of purchase, present value and full chronology of how the property has been used since the date of purchase.

As to recommending an accountant, all practising accountants in your area will be able to help with this, for a fee of course. I would estimate the fee to be approximately £250+vat for providing CGT calculations.

Have you been declaring your rental income all these years? If yes, have you been doing this by yourself?

Ramnik

[zara]

Hi Ramnik
Thanks for the response.
Yes I have been using an accountant at the price you mentioned however he seems unsure about the rules for my situation.
If you cold recommend someone that would be geat - i live in west london.
Thanks

[Tax Accountant]

Hi Ramnik
Thanks for the response.
Yes I have been using an accountant at the price you mentioned however he seems unsure about the rules for my situation.
If you cold recommend someone that would be geat - i live in west london.
Thanks

I am not sure what to make of your answer. Either your accountant is not suitably qualified or that your situation is more complicated than you make out.

I don't know anyone in W London but I could provide necessary calculations via email correspondence for a fixed price of £250+vat. Are you willing to pay this amount in advance? I say this because I am very sceptical of people who want services of a good accountant but are unwilling to pay a decent fee.

Ramnik