Self-Assessment & Capital Gains Tax

Self-Assessment Tax Return

Taxpayers have to be careful ❗️ when preparing or having their Tax Returns prepared

An incorrect Tax Calculation may result in an Amended SA302 and if this picked up later after the Tax Due Deadline then Late interest will apply as well as late payment penalties

Attached is an example where a Taxpayer has potentially missed declaring Capital Gains Tax on a Property Sold during the Year (Not Main Principal Private Residence)

HMRC have access to more information than ever before and even during the Sale Process a Solicitor/Conveyancer asked for the sellers personal details eg. Residential address, Date of Birth and National Insurance Number

Did you know if Capital Gains Tax was declared within 60 days of selling if there is a Profit this should also still be reflected on the Tax Return In the Tax Year when the property was sold as there is a box that appears on the Tax return where you entered the CGT Due and how much paid along with the reference number

If you require further advice and feel that is certain sources of income, which you are unsure whether to declare through a Tax Return, then please feel free to reach out

Tel: 01212852534

Web: www.secureaccountsltd.co.uk

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