Frequently Asked Questions

No. Once you're registered, your UTR stays the same and you just file a new return each year.

You don't need to do anything differently from year to year in terms of setup. The only exception is if your circumstances change and you no longer need to file — in that case you should contact HMRC to ask them to remove you from Self Assessment, otherwise they'll continue to expect a return from you each year.

If this is your first time filing Self Assessment, yes — you need to register with HMRC before you can file.

The deadline to register is 5 October following the end of the tax year you're reporting. For the 2025/26 tax year (which ended 5 April 2026), that means registering by 5 October 2026.

Once registered, HMRC sends you a Unique Taxpayer Reference (UTR) number by post, which you need before you can file.

If you haven't registered yet, it's worth doing as early as possible to avoid delays. Message us on live chat and we can guide you through it, or book a call with us if you'd prefer to talk it through.

PAYE (Pay As You Earn) is the system your employer uses to deduct income tax and National Insurance from your wages before you're paid. You never have to do anything — it happens automatically.

Self Assessment is how you report income that PAYE doesn't cover, such as freelance work, rental income, dividends, or capital gains.

Some people only ever use PAYE. Others use both. If you have income from multiple sources or anything outside of employment, Self Assessment is how you tell HMRC about it.

Don't ignore it. A notice to file is a legal requirement, and if you miss the deadline the automatic £100 penalty applies even if you end up owing nothing.

Contact HMRC and ask them to withdraw the notice — you can do this by phone or post, explaining why you don't believe you need to file. HMRC will confirm in writing if they agree to remove it. Until you get that confirmation, the return is still due.

If you're unsure how to approach it, message us on live chat and we can advise.

No longer. Since the October 2024 Budget, CGT rates were aligned across all asset types.

For 2025/26 the rates are 18% (basic rate) and 24% (higher rate) for property, shares, crypto, and other assets.

Previously, gains on shares attracted lower rates of 10% and 20%. This change means the tax treatment is now the same regardless of what you're selling.

Your CGT rate depends on your total income for the year, including the gain itself.

First, work out your total taxable income (salary, self-employment, rental, dividends) and subtract your Personal Allowance (£12,570 for most people). What's left is your taxable income.

Any remaining space in your basic-rate band (up to £37,700 of taxable income) gets taxed at 18%. Any gain that pushes you above that threshold is taxed at 24%.

For example: if your taxable income is £20,000 and you make a gain of £30,000, the first £17,700 of the gain falls in the basic-rate band at 18%, and the rest is taxed at 24%.

We calculate this precisely for every client.

For 2025/26, the CGT rates are:

• 18% on gains that fall within your basic-rate income tax band
• 24% on gains above it

These rates apply to all asset types including property, shares, and crypto — the previously lower rates for shares (10% and 20%) were aligned with property rates in the October 2024 Budget.

To work out your rate: add your total taxable gain to your total income for the year. The portion of the gain that falls within your remaining basic-rate band (up to £37,700 for most people) is taxed at 18%. Anything above that is taxed at 24%.

For 2025/26, the Annual Exempt Amount is £3,000 per person.

You can make gains up to this amount across all your assets in the tax year without paying any CGT.

If you own assets jointly, each person gets their own £3,000 allowance — so a couple selling a property together effectively has a combined £6,000 exempt amount.

Gains above the threshold are taxed at 18% (basic rate) or 24% (higher rate).

The allowance has fallen significantly in recent years (it was £12,300 in 2022/23), so even modest gains can now result in a tax liability.