CGT - Last Minute Self Assessment advice

[fassbendersmistress]

I sold a property this year. The capital gain (after reliefs etc) is £5k, so under the £10,900 tax free allowance.

Do I still have to put all the details of the sale, costs etc...onto the self assessment form, or can I just leave it off altogether as there no gain to be taxed on?

THANKS!

when did you sell it?
the returns are for up to last April.

if the gain is only under the limit after reliefs, put it on so that you sail through any HMRC / Land registry checks in the coming years

Have you read through the help notes in the online assessment form? I actually couldn't get them all to open when I was doing mine but I would give it a try if you haven't.

My instinct is that you should declare it as if there might be tax to pay on it - the website will calculate the tax owed and discover it's zero. I did do the CGT section this year so I think you can put in enough info for it to tell you if you simply don't owe anything or shouldn't even declare it. At this stage, that's probably a better bet than trying to phone HMRC for advice.

Hopefully someone who knows for sure will be along shortly but that's what I'd do.

Flat sold Jan 2014.

I've read so many help notes so many times my head is about to roll off and I couldn't get clarity on whether or not to declare. But I have all the figures ready so I'll put them in and submit. Thanks for the advice. Never leaving it this late again!

Yes, it needs to on.

If your proceeds are more than 4 x annual exemption

Ah fassbender, we all say that and then we always do :) Every year I declare I'm going to get the tax returns out of the way in the summer hols - both are generally very simple; even this year's CGT was not complicated, just painful to hand over such a large wodge to the Tax Man (and Woman). This year I think is my record for forward planning - I did them in mid-January because I was worried about how long it might take to transfer the funds to HMRC (wasn't sure if we'd hit a maximum daily transfer limit or whatever).