CGT On-Line Reporting Query

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    CGT On-Line Reporting Query

    Hi Guys

    I've just sold one of my BTL props, and made a gain for which I am aware I need to report and pay the tax due within 30 days.

    I've set up the account on the Gov portal, which was easy enough.

    I wondered is it relatively straight forward to report the gain using the online system, or should I get my accountant to do it? I am fine with the relevant calcs and allowances against the cgt bill, but my regular accountant wanted £250 plus VAT to do this so I am thinking it's a big and nasty job?

    #2
    It is easy to do but you do need to understand how CGT works. It is not going to do (many of) the calculations for you regarding reliefs etc.

    I wouldn't pay someone to do mine. But if you are clueless it might be £250 well worth spending albeit many "regular accountants" are equally clueless - so be aware of that.

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      #3
      Have you calculated what is your capital gain from sale of BTL property , and what is the approx tax bill to pay at 18% or 28% ?

      If the capital gain is small, then you can report the capital gains yourself.

      If the capital gain is large and your transaction evidence may be questioned, then consider paying the accountant to report your capital gain.



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        #4
        The gain will all be at 28% due to being a HR Tax Payer. It will be approx 7k tax to pay after deduction of base costs, purch costs, sales costs and cgt allowance.

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