Self assessment and Capital Gains

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    Self assessment and Capital Gains

    Hi All,

    Not posted here for a long time, but hoping someone can advise me.

    I sold my BTL property last October and yes, I know I have missed the deadline for declaring CGT as I assumed it would just be part of my SA return, but just discovered I should have declared it within 60 days.

    Anyway, working through my SA return and its asking if I disposed of any assets and need to declare any gains, but this return is for year 2020-2021, and I didn't sell the property within that period. In fact I will still have rent to declare on 2021-2022 as the property was let until last June. Do I tick the YES box here, as this would indicate that I disposed of the asset and therefore need to declare the gain as being before April 2021. Or do I tick NO and then complete a separate CGT return and hope that the fine for missing the 60 day time limit is not too hefty?

    Any advice appreciated, and before anyone mentions, I don't have an accountant to refer to as have done my SA myself for the last 20 years! Thanks

    #2
    You don't include the disposal on this return, because, as you say, the disposal wasn't in this tax year.

    You should complete the CGT return as soon as possible.
    The new deadline is catching lots of people out and I'd hope HMRC are being reasonable with late returns.

    They've said they won't fine people who are late with this actual self-assessment return this year provided it's processed by the end of February, so they're obviously feeling generous.
    When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
    Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

    Comment


      #3
      The latest tax return cover the period from 6 April 2020 to 5 April 2021. So you have rental income to declare in your 2020/21 tax return.

      Your property was let to Jun 2021 and sold in Oct 2021. So you have a capital gains tax return ( within 60 days ) outstanding.

      And you have rental income for April 2021 - Jun 2021 to declare in 2021-2022 tax return ( submit after 6 April 2022 )

      Comment


        #4
        The deadline for the CGT return was extended to 60 days at the budget and only if the completion date was on or after 27 October 2021. If your completion was before then, you're on the 30 day deadline.

        You'll need to set up a Government Gateway account if you don't have one, and this could take a few days.

        Comment

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