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

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  • just wondering
    replied
    Originally posted by jpkeates View Post
    Not unless she owned any of it.

    If they affected the value of the property and haven't been used against other tax, they can.
    Things that are maintenance, like re-wiring probably should have been claimed against income.
    Okay, so new bathroom, new roof, central heating, double glazing , new kitchen, new bathroom, they have not been claimed for at any other time, but some of that work was carried out in 1997 / 1998, I no longer have the receipts for the work, will HMRC allow a guess on the costs? Windows were around £3000, central heating around £1800, later work such as new bathroom, around £1200, new roof around £6000 ish I have receipts for.

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  • just wondering
    replied
    Originally posted by JK0 View Post
    I think you should talk to an accountant to get chapter & verse. I think he will be able to arrange things so you don't pay any CGT at all.
    Hi Thank you for your reply, please could you give me a few more clues, as to how I would not have to pay any CGT ?

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  • jpkeates
    replied
    Originally posted by just wondering View Post
    I bought the property before I was married, when I sold the property it was in my name only (married around 5 years at the time) can I still use my wife's CGT allowance against the sale?
    Not unless she owned any of it.

    Also, in 2019 I put a new roof on the property £6600 and whilst preparing the property for sale in 2020, required new bathroom, new oven and various work to make the property in a saleable condition for the market, new carpets, decorated, the electric consumer box was replaced, plus labour costs for work around the house.

    When I bought the property back in 1997, I had new windows fitted, central heating, re-wired, chimney removed, I presume those costs cannot go against CGT!?!?
    If they affected the value of the property and haven't been used against other tax, they can.
    Things that are maintenance, like re-wiring probably should have been claimed against income.[/QUOTE]

    Leave a comment:


  • JK0
    replied
    I think you should talk to an accountant to get chapter & verse. I think he will be able to arrange things so you don't pay any CGT at all.

    Leave a comment:


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

    Okay, I am self-employed / self assessment, totally messed up, my mistake, sold my property April 25th 2021, just realized today due to Google, that I should have registered the sale and paid the tax...

    So hands up, I have done wrong...looking for some advice, currently around 8 months late on declaring the sale, I am wondering how much late penalty I will pay the HMRC site suggests £300

    The property sold was my sole property, no other property owned, since letting out the place, I have lived in rented accommodation.

    Rough figures (please forgive my rough calculations)

    owned the property for 290 months(purchased 1997), rented out for 129 months from 2010 (already taken into account the 9-month period)

    Property purchase price 34,500 (need to figure out buying costs).

    Sold price after solicitor and estate agent fees £143,000

    = £108,500 profit before allowing for the tax relief from my time living at the property.

    my rough calculation suggestions £49.500 profit after tax relief

    capital gains allowance £12300 (fairly low income of £15000 self-employed)

    £49500 - 12300 = £37200 , 18 percent tax = around £6690

    Plus a few other questions

    I bought the property before I was married, when I sold the property it was in my name only (married around 5 years at the time) can I still use my wife's CGT allowance against the sale? my wifes name was never added to the deeds, her salary is around £20k a year.

    Also, in 2019 I put a new roof on the property £6600 and whilst preparing the property for sale in 2020, required new bathroom, new oven and various work to make the property in a saleable condition for the market, new carpets, decorated, the electric consumer box was replaced, plus labour costs for work around the house.

    When I bought the property back in 1997, I had new windows fitted, central heating, re-wired, chimney removed, I presume those costs cannot go against CGT!?!?

    Which of the above can I claim for against the CGT ?

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