20/21 CGT plus Self Ax

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    20/21 CGT plus Self Ax

    Hi, I’m PAYE mainly , but have 3 small flats I let out. I’ve just submitted my first CGT for one of the flats that I sold in Dec 2020. The response submission says that I have nothing to pay in CGT, and also that I need to put this on my self assessment - could someone clarify if this means the 20/21 Self assessment ? I’m just doing my 19/20 right now and I’m assuming it doesn’t mean 19/20 ( as I could in theory have submitted this return months ago prior to the flat sale).
    Assuming I’m correct , then when I complete my 20/21 self assessment, I’ll tick the box to say I disposed of property, go through all the motions again, with the same figures I used this year? Is that correct? I can’t work out why I have to repeat it all. Unless I’ve got the wrong end of the stick? Any advice appreciated!

    #2
    Your self assessment tax return for 19/20 covers the rental income and expense transactions during the period from 6 April 2019 to 5 April 2020.

    Your sale of flat occurred in Dec 2020 and the capital gain is reported in your self assessment tax return for 20/21 which covers the period from 6 April 2020 to 5 April 2021.

    Comment


      #3
      Originally posted by More Qs than As View Post
      Hi, I’m PAYE mainly , but have 3 small flats I let out. I’ve just submitted my first CGT for one of the flats that I sold in Dec 2020. The response submission says that I have nothing to pay in CGT, and also that I need to put this on my self assessment - could someone clarify if this means the 20/21 Self assessment ? I’m just doing my 19/20 right now and I’m assuming it doesn’t mean 19/20 ( as I could in theory have submitted this return months ago prior to the flat sale).
      Assuming I’m correct , then when I complete my 20/21 self assessment, I’ll tick the box to say I disposed of property, go through all the motions again, with the same figures I used this year? Is that correct? I can’t work out why I have to repeat it all. Unless I’ve got the wrong end of the stick? Any advice appreciated!
      It seems they have change SA forms to allow for this so next January you just confirm your previous report, but you will need to tick the CGT section for 20/21

      Comment


        #4
        Thanks very much - very helpful!

        Comment

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