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Where Taxpayers and Advisers Meet

When will I know that HMRC agree with calculation

Remittub
Posts: 25
Joined: Sat Jan 24, 2015 6:30 pm

When will I know that HMRC agree with calculation

Postby Remittub » Wed Jun 17, 2015 9:07 am

I filed a Self Assessment about a week ago - the first for many years as I sold some shares recently.
How will I know that HMRC has accepted my CGT calculation, and how soon can I expect that acknowledgement ?
Thanks

section 44
Posts: 4468
Joined: Thu Oct 30, 2008 12:47 pm

Re: When will I know that HMRC agree with calculation

Postby section 44 » Wed Jun 17, 2015 10:58 am

"self" assessment

Remittub
Posts: 25
Joined: Sat Jan 24, 2015 6:30 pm

Re: When will I know that HMRC agree with calculation

Postby Remittub » Wed Jun 17, 2015 12:22 pm

So I just pay what I reckon I owe them, and never hear another thing ? (Wish I could believe that :shock: !!)

section 44
Posts: 4468
Joined: Thu Oct 30, 2008 12:47 pm

Re: When will I know that HMRC agree with calculation

Postby section 44 » Wed Jun 17, 2015 1:34 pm

You have an obligation to assess and pay what tax you owe. HMRC have a window during which they can raise an enquiry and/or raise a discovery assessment.

The onus is on you to get it right but clearly if you don't then HMRC might put things right.

wamstax
Posts: 1863
Joined: Wed Aug 06, 2008 3:39 pm
Location: Operate Nationally but based in Aberdeen
Contact:

Re: When will I know that HMRC agree with calculation

Postby wamstax » Sat Oct 03, 2015 2:55 am

Once the window for enquiry has passed (generally one year from date of submission of return) HMRC would not be able to enquire into your tax return unless they discovered that you had not provided all the relevant facts and tax had been underpaid
regards and hope this helps
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