HELP !!! I did not realise I had to register my captial gains tax within 30 days

[just wondering]

There's different levels depending which box you tick as your reason for late filing, they might accept an offer of 19.5% penalty + 2.5% interest , but knock off all your capital expenses and my guess is your total will be less than the £6690 you estimated. Slip it in before the 31st Jan while they're snowed under would be my suggestion 😁

Thank you for your reply, based on my workings out above in my past post, I roughly worked out my fine including interest to be around £589.50, excluding interest would be £434.50. (if I have worked things out correctly)

When you detailed 19.5% penalty, roughly speaking would that mean, 19.5 percent of the £434.50 + 2.5% interest ? making the potential fine £84.72 + 2.5 % interest ?

Or have I got the wrong end of the stick?

[jpkeates]

I'd suggest that you sit down with an accountant and a) take their advice on what can be claimed and what can't and b) let them work the issue through with HMRC.

Items like "a new bathroom" always worry me, because it normally doesn't mean a whole new room, it means an updated, but existing bathroom, which isn't likely to be a capital expense, but may be partially claimable if it was a significant change.
A new consumer unit isn't likely to be capital.

[just wondering]

I'd suggest that you sit down with an accountant and a) take their advice on what can be claimed and what can't and b) let them work the issue through with HMRC.

Items like "a new bathroom" always worry me, because it normally doesn't mean a whole new room, it means an updated, but existing bathroom, which isn't likely to be a capital expense, but may be partially claimable if it was a significant change.
A new consumer unit isn't likely to be capital.

Hi, Thank you for your reply, the bathroom, after the tenant had moved out was a complete mess, smashed tiles, leaks going down the walls into the kitchen below...the entire room was stripped, replastered, new bathroom suite, ceiling reskimmed, new materials used on the walls instead of tiles, better fan extractors.

Admittedly it was more like for like, the overall configuration was not changed, the room was not extended

I do have the end report from when the letting agent came in and took pictures showing how the place had been left, the place had become the kind of place that you wiped your feet on the way out...it was a complete sty, the tenant had smoked in the property, the entire place stank, everything had to go, things that I know I cannot claim on for CGC ( I presume) new carpets, fresh decoration etc.

Knowing what I know now about property prices and the current property price hikes, the property was agreed for sale in late October 2020, but it took until the 25th of April 2021 before it was completed...mega stressful....but I maybe could have left the property in complete ruins and put it straight on the market in August 2020 when the tenant moved out, but the price hikes had not really kicked in and the situation suggested do it up and sell it, but if no one buys it, leave it in a suitable condition to rent it back out again...but that is all hindsight etc.

I have managed to make contact with my accountant, she is currently extremely busy with the end of year accounts for many of her clients, I did my 2020/2021 self-assessment last year with her, but she is free next week, so in the meantime, I guess it would be a good idea to dig out and gather all the receipts and make a list of them, costs and get a list for my accountant to discuss with the HMRC in regard to CGT claimable items and also paying the CGT ASAP.

[jpkeates]

I'd let the accountant sort it out - their work will drop off after Monday's deadline.
Lots of these costs sound like they should have been in your 20/21 assessment, and it's possible that it might be sensible to correct that at the same time.

[just wondering]

I'd let the accountant sort it out - their work will drop off after Monday's deadline.
Lots of these costs sound like they should have been in your 20/21 assessment, and it's possible that it might be sensible to correct that at the same time.

Thank you, I shall definitely discuss that point with regards to those items been used on the 2020/2021 assessment.