Meet the Other Phone. Only the apps you allow.

Meet the Other Phone.
Only the apps you allow.

Buy now

Please or to access all these features

Money matters

Find financial and money-saving discussions including debt and pension chat on our Money forum. If you're looking for ways to make your money to go further, sign up to our Moneysaver emails here.

Self Assessment Tax Help?

5 replies

Taxiii · 14/08/2023 17:27

I recently sold my rental property & now need to do my self assessment & pay capital gains.

Has anyone used an online tax consultant or is it worth paying out for a face to face consultation?

As it's just one property, money in, mortgage (&normal repairs etc) out, I normally do this myself but with the capital gains element I'm skittish I've missed a box, costing me even more.

OP posts:
Fourmagpies · 14/08/2023 17:33

When did you sell the property? Did you complete a capital gains return at the time - it's due within 60 days of selling. You should just need to copy the information from this return into your self-assessment return. And, no, you don't need a face to face meeting, online is fine. This is bread and butter stuff for most high street accountants, they'll know what to ask from you.

Taxiii · 14/08/2023 17:37

No, I missed the deadline - I foolishly thought I just did it as part of self assessment just found out about it.
It's my fault for not knowing & I just have to deal with the fine as I can't go back in time unfortunately.

I'm just using the capital gains questions asked in the self assessment. Do I need to do a separate declaration?

OP posts:
buckingmad · 14/08/2023 17:42

I’m an accountant and an over the phone chat would suffice. They’ll need purchase cost and expenses (SDLT, legal etc), any capital improvements, whether you lived in it at all, then sale price and associated costs. They’ll also need to know your other income for that tax year as the CGT you pay depends on whether your other income puts you in the basic, higher or additional rate.

Taxiii · 14/08/2023 17:45

Thanks both for responding.
@Fourmagpies - I'm on it. Thank you.

OP posts:
New posts on this thread. Refresh page
Swipe left for the next trending thread