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Where Taxpayers and Advisers Meet

How to report sale of property

ritz13
Posts:21
Joined:Wed Jan 02, 2019 4:54 pm
How to report sale of property

Postby ritz13 » Mon Dec 20, 2021 9:55 pm

Hi guys

Please can you help...

So in this tax year we sold our property, reported the disposal to HMRC online and paid the CGT within the 30 days (not 60 days as completion date was before 27th October)

Do we also need to report this again before end of Jan 2022 on our self assessment online even if all our other income is employment income taxed via PAYE...? (on our monthly pay slips from our employer)

Thanks!

maths
Posts:8430
Joined:Wed Aug 06, 2008 3:25 pm

Re: How to report sale of property

Postby maths » Wed Dec 22, 2021 10:18 pm

UK residential property gains need to be reported online and CGT payable within 30 days of completion (FA 2019 Sch 2 Parts 1 and 2).

If a self assessment return needs to be filed any residential property gains must also be included in the assessment.

ritz13
Posts:21
Joined:Wed Jan 02, 2019 4:54 pm

Re: How to report sale of property

Postby ritz13 » Mon Dec 27, 2021 1:43 am

Hey Maths

Thanks for your reply

So we've done this already
UK residential property gains need to be reported online and CGT payable within 30 days of completion (FA 2019 Sch 2 Parts 1 and 2).

But from your reply below, am I right that we don't then need to file our self assessment & report this gain again by Jan 31st 2022, if the only other income we receive is taxed via PAYE...? (as we are not self employed )
If a self assessment return needs to be filed any residential property gains must also be included in the assessment.

Thanks

robbob
Posts:3210
Joined:Wed Aug 06, 2008 4:01 pm

Re: How to report sale of property

Postby robbob » Tue Dec 28, 2021 1:37 pm

But from your reply below, am I right that we don't then need to file our self assessment & report this gain again by Jan 31st 2022

Can you advise date property was sold - if sale is in current tax year - I.e after 5/4/2021 then the gain is in the tax ye 5/4/2022 so any reference to self assessment will be for that tax year the online filing deadline for which is not till january 2023.
There would only be potential sa issues ref filing in january 2022 if sale was prior to 5/4/2021.

am I right that we don't then need to file our self assessment & report this gain again by Jan 31st 2022, if the only other income we receive is taxed via PAYE...? (as we are not self employed )
I would recommend contacting hmrc to explicitly ask them if you need to complete a return - the hmrc calculator is not clear for your circumstance if one is necessary - i suspect not but its far from clear to me.

Note whatever route you take be careful to ensure that you have paid the correct tax due come tax year end - should adjustment be needed you can adjust on the sa return or by amending the original submission (i think).

maths
Posts:8430
Joined:Wed Aug 06, 2008 3:25 pm

Re: How to report sale of property

Postby maths » Tue Dec 28, 2021 7:19 pm

You can ask HMRC; I believe given the CGT charge a normal Tax Return needs to be completed.


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