Frequently Asked Questions

Yes. If HMRC has asked you to file or you meet the criteria, the return is required regardless of whether you owe anything.

This catches a lot of people out — especially first-time filers who assume no tax means no return. The £100 automatic late penalty applies from the day after the deadline, whether you owe tax or not.

Filing on time, even with a nil bill, avoids penalties and keeps your record clean with HMRC.

Usually not, but it depends on what else you have going on.

If your only income is from your employer and tax is deducted through PAYE, you probably don't need to file. But if you also have any untaxed income on top of that — rental income, freelance work, dividend income above £500, or savings interest above your Personal Savings Allowance — you'll need a Self Assessment return to declare it.

The same applies if your total income from all sources exceeds £100,000.

Not sure? Message us on live chat and we'll check for you.

You need to file a Self Assessment tax return if any of the following apply to you in the 2025/26 tax year:

• You were self-employed or a sole trader earning more than £1,000
• You had rental income from a property
• Your total income was over £100,000
• You received dividend income above £500
• You had untaxed income such as tips or commission
• You made capital gains from selling assets like shares or crypto
• You claimed Child Benefit and either you or your partner earned over £60,000
• HMRC sent you a notice to file

If you're not sure whether you need to file, message us on live chat and we'll let you know.

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.