20/21 CGT plus Self Ax

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    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

        Latest Activity

        Collapse

        • Parents transferring property to children
          by dhoops97
          Hi all,

          My dad wants my brother and I to take over the management of his properties, as he's getting old and doesn't want to deal with tenants anymore. However, he doesn't want to sell and he has really good mortgage rates, which doesn't end for another 10 years. His idea was to change...
          16-01-2021, 14:32 PM
        • Reply to Parents transferring property to children
          by jpucng62
          I would say you can't transfer property to your children without triggering CGT unless you gave away a very small percentage so that it was under the CGT threshold each year - theoretically possible but a pain to do I would imagine! This is the biggest problem with property - it tends to trigger CGT...
          16-01-2021, 17:00 PM
        • Reply to Parents transferring property to children
          by dhoops97
          This situation, is it not essentially a rent to rent agreement, but with no contract. If so, would a contract need to be written up, so that we can legally receive the money?

          What would you say is the best way to transfer a property to your children, without triggering CGT....
          16-01-2021, 15:45 PM
        • Reply to Parents transferring property to children
          by jpucng62
          If your Dad is the mortgage holder and the person named on the title deed he will be the legal recipient of the rent - I don't believe he can just transfer it to you for tax purposes.

          He could pay you to manage the properties but that isn't really going to solve the issue. Your brother...
          16-01-2021, 15:39 PM
        • Reply to Tax expense dates?
          by ben100
          It's a 2 bed terrace house, damp course was ­£900...
          16-01-2021, 13:28 PM
        • Tax expense dates?
          by ben100
          Ok so I have a spreadsheet that goes from April to March for the tax year. I have direct debit for a taxable expense that goes out each month. The direct debit for the April month the following year after the last March on my spreasheet went out on the 1st of April. I know the tax year goes up to the...
          15-01-2021, 11:14 AM
        • Another new kitchen and bathroom story- CGT
          by Celibin
          We have replaced the above (30 years old) prior to first let. The kitchen had to be done as the cooker(Free standing) was dangerous Ie very old Being 58 cm wide it was not possible to find a new one that would fit between the units without leaving quite a gap. Also hard to find new shelves for the interior...
          16-01-2021, 06:40 AM
        • Reply to Another new kitchen and bathroom story- CGT
          by theartfullodger
          There are 55cm wide cookers, have been for years.

          Sounds like income tax matter not CGT. What items do you think are CGT relevant?
          16-01-2021, 13:02 PM
        • Ir???
          by GrumpMonkey
          Hello,

          I recall there used to be a tax rule that allowed property finance interest for tax purposes to be no more than the interest on the purchase price of the property. If the finance was less than the value of the property, other property interest could be used to make up the shortfall,...
          15-01-2021, 20:48 PM
        • Reply to Ir???
          by GrumpMonkey
          Thanks. I suspected it might have been. I made good use of that rule while it lasted....
          16-01-2021, 11:02 AM
        Working...
        X