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Where Taxpayers and Advisers Meet

Self assessment estimates or valuations ?

Rob11
Posts:8
Joined:Sat Nov 28, 2020 4:24 pm
Self assessment estimates or valuations ?

Postby Rob11 » Wed Nov 10, 2021 9:43 pm

Hi, I'm filling my self assessment for my capital gains from trading and there is a question saying:

Do your computations include any estimates or valuations? (optional)

I'm using a third party app to calculate all my transactions, so my asumption would be to answer yes here. But I would like to understand what this question is actually about, I'm not entirely sure about the used terminilogy.
In what case would someone answer no here ? Isn't always safer to say that your calculations have estimations ? Also what does the valuation refers to ?

Thanks.

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

Re: Self assessment estimates or valuations ?

Postby pawncob » Wed Nov 10, 2021 10:09 pm

CGT is a matter of fact. Estimates are only used when the facts cannot be ascertained.
for what are you using an estimate?
With a pinch of salt take what I say, but don't exceed your RDA

Rob11
Posts:8
Joined:Sat Nov 28, 2020 4:24 pm

Re: Self assessment estimates or valuations ?

Postby Rob11 » Thu Nov 11, 2021 11:50 pm

The third party app sometimes can't sync properly with exchanges APIs and it's using 0 cost basis on some transactions. Basically I'm overpaying a little bit because of some small issues. So I don't know if these inaccuracies count as estimates.
What you say makes sense but since the calculations are not 100% correct I don't know if I should answer yes to the question.

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

Re: Self assessment estimates or valuations ?

Postby pawncob » Fri Nov 12, 2021 12:38 pm

Use a better App. Try the HMRC CGT calculator.
With a pinch of salt take what I say, but don't exceed your RDA

Rob11
Posts:8
Joined:Sat Nov 28, 2020 4:24 pm

Re: Self assessment estimates or valuations ?

Postby Rob11 » Fri Nov 12, 2021 2:11 pm

Unfortunately it's not an option, I have hundreds of transactions, I've been learning and trying a lot of things. That app is the best one I found, it's either this or go to a professional accountant but given my ridiculous profit it would be a waste of money. So I decided to use it for the previous tax year at least and see how it goes.

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

Re: Self assessment estimates or valuations ?

Postby pawncob » Fri Nov 12, 2021 4:50 pm

If the difference is due to lack of sync with API, then the figures provided are not estimates. They represent the actual transaction, so no estimate is made.
With a pinch of salt take what I say, but don't exceed your RDA

Rob11
Posts:8
Joined:Sat Nov 28, 2020 4:24 pm

Re: Self assessment estimates or valuations ?

Postby Rob11 » Sat Nov 13, 2021 1:04 pm

Alright thanks, I'll answer no to that question then.


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