a client disposed a residential property and paid the capital gain tax on it already.
From a few sources of information i found this disposal need to be on his SA.
but i can't see the capital gain tax already paid by him in his account on hmrc website.
so I am wondering when i submit his SA, there will be a big amount tax to pay shown on his SA account, has anyone elese experienced this and can advise? many thanks
Replies (6)
Please login or register to join the discussion.
It won't be on your agent account. It will be on the ASA account or business tax account of whoever submitted the cgt return.
Not if you complete the SA return properly.so I am wondering when i submit his SA, there will be a big amount tax to pay shown on his SA account, .......
How would that work since the op is asking for the info before completing the SA? Unless I'm reading it wrong.
We're just trying to fill in a tax return on HMRC for a client with a previously reported gain. The question is there to report the gain and the tax already reported but there's just a £ sign, no box to fill in, no way to actually type anything in. We also use Taxfiler and it seems straight forward on their data input, why not on HMRC?!
I use Taxfiler as well and have not tried to do this on HMRC, but I suspect that it will be down to the checkboxes selected in setting up the return - similar to partnership dividends for which a box does not appear unless one has answered a couple of the partnership pages somewhat counterintuitively.
EDIT: Just had a look.
In HMRC
- set up the CGT section
- tick "Residential property and carried interest"
- enter the gain calculation
- the eighth box / question reads "Tax on UK residential property gains reported on Capital Gains Tax UK Property Disposal returns already charged: (optional)"