HM Revenue and Customs Simplifies Capital Gains Reporting – You Must be Joking!
HM Revenue and Customs has simplified the Self Assessment Capital Gains supplementary page for the 2007/08 filing year.
The data required is merely a summary of the year’s position; one figure for total gains (pre losses), the same losses data as currently, and then one entry for ‘total gains after losses and taper’ together with a breakdown of the asset types the total gains have arisen on – similar in detail to that covered by page one of the current SA108.
Digita Product Manager Paul Duffield said:
“On the face of it, a vast reduction in the current reporting requirements, were it not for the instruction ‘You MUST enclose your computations, as well as filling in the boxes’.”
“But this is no joke as from April 2008 your own capital gains computations must be attached to the tax return in PDF format giving the detailed breakdown of how the gains and losses have arisen, providing significantly more information than the data covered by pages 2 to 8 of the current SA108.”
“This requirement will cause an administrative burden on any practice involving considerable time input unless they have software that can cope with HM Revenue and Custom’s requirement for detailed computations.”
Help is at hand however with the launch of Digita Capital Gains. In addition to asset monitoring and gain computation on any asset type, the new software incorporates an advanced reporting tool that produces the HM Revenue and Customs required reports in PDF format automatically.
Paul Duffield added: “At Digita, our software development is focused on lifting the burden of administrative detail so that practitioners can maximise their fee-earning time.”
You can register your interest in Digita Capital Gains at www.digita.com or by calling the Sales Team on 01395 270 311.
Further information is available by calling 01395 270 311, faxing 01395 268 893 or mailing firstname.lastname@example.org
Release issued on behalf of Digita by:
Proteus Media Limited
Exeter EX2 5WR
Tel: 01392 687 477
For further information:
Jerry Rihll or Karen Green on 01395 270 273
Neil Devons, Proteus Media Limited on 01392 332 833/07711 137 787
Notes for Editors
Digita is a financial services technology company. Founded in 1986, the Digita team of more than sixty software specialists serves a professional client base that includes over 3,000 accountants.
Digita is the only UK software developer in the professional accountancy sector to be accredited by Microsoft with the ‘designed for Windows XP” and authorised to use the logo. The company is a Gold Partner of the Microsoft Corporation.
Digita also provides consultancy and Internet services to the HMRC, Bank of Ireland, Lexis Nexis Butterworths Tolley, NatWest Bank and other leading corporations.
For more information about Digita visit www.digita.com.