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Where Taxpayers and Advisers Meet

self-assessment

flatree
Posts:7
Joined:Wed Sep 02, 2015 11:14 am
self-assessment

Postby flatree » Wed May 24, 2017 10:43 am

Hello,
I have been completing online self-assessment tax returns annually. Last year, HMRC informed me that, for the new reporting period, I am not required to do this. For many years, my wife has had very little income (mostly minor savings interest) and has never completed a tax return.

Last tax year, my wife and I sold a jointly-owned second home on which CGT (about £30K above the joint allowance) is due in the coming reporting period. I have the following questions:

(1) Do I need to inform HMRC that I again need to complete a tax return or just simply login online and submit a return before the Jan31st deadline as before?

(2) Does my wife need to write to HMRC and tell them she has a CGT liability or should she simply register online for self-assessment and then submit a tax return?

Thanks

maths
Posts:8507
Joined:Wed Aug 06, 2008 3:25 pm

Re: self-assessment

Postby maths » Wed May 24, 2017 5:05 pm

I assume that the capital gain of each of you exceeds the exempt amount for CGT purposes (ie £11,100 for 2016/17) and the consideration you each received exceeds £44,400. On this basis you are each required to notify HMRC of your chargeability to CGT within 6 months of 5 April 2016.

I suggest you wait for others to confirm my understanding or correct it.

flatree
Posts:7
Joined:Wed Sep 02, 2015 11:14 am

Re: self-assessment

Postby flatree » Thu May 25, 2017 12:55 pm

Thanks for the reply. The sale was made on 31-01-2017 and the consideration was above the £44,400 you mention. So does this mean we need to notify HMRC within six months of the sale or within six months of 6 April 2017?

pawncob
Posts:5090
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: self-assessment

Postby pawncob » Fri May 26, 2017 11:07 am

Within 6 months of 06/04/17.
With a pinch of salt take what I say, but don't exceed your RDA


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