I have spoken to my tax accountant who was unable to help as they do not use the on-line HMRC filing system.
During 2015/16 I disposed of £15k of EIS shares for nil value. At the time of purchase (2009) the investment was used to defer a capital gains liability.
I therefore need to enter a CGT amount of £15k on my 2015/16 tax return.
When I enter the amount of £15k in the 'Deferred gains from before 23 June 2010 qualifying for Entrepreneurs' Relief' the tax due does not increase. I would have expect an additional liablity of £15k less annual allowance x 28%.
I also need to know in which box would I enter the £12k (£15k less 20% tax relief) loss on shares that qualifies for relief against income.
I would appreciate any help in determining where these amounts are entered on the HMRC online tax filing system.
Replies (10)
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If you have a tax accountant, why are they not filing your return using their own software?
I have always done it myself as up until this year the entries have been fairly straight forward. I use the tax accountant to provide certain advice to my clients and deal with CT computations etc. When I spoke to him a few days ago he simply could not help me although I was quite happy to pay for his services. Sounds daft I know.
We're all banned from using HMRC software now.
Just like your own tax accountant.
You're asking the wrong people.
It's very nice that you don't need an accountant to help do your tax return.
:-)
Oh dear.
You want to do your own tax return.
HMRC doesn't want agents to use their tax software therefore we don't know how to use it.
Why don't you ask HMRC? That could be fun.
It sounds like I am not the only one baffled by the HMRC software not much of a comfort though
We're not baffled by it. I have no doubt most people on here could resolve your problem if we could access the system. But we can't, so you have two choices.It sounds like I am not the only one baffled by the HMRC software not much of a comfort though
Continue to struggle on your own, possibly with whatever limited assistance the HMRC helplines have to offer (which, given past experience, may also be wrong)
Pay an accountant with the relevant software to assist you.
Presume you have read :
https://www.gov.uk/government/publications/enterprise-investment-scheme-...
Hold on.... We are only 'banned' from using HMRC's CT software.
I'm still using their SA online service to file clients' returns.
Hold on.... We are only 'banned' from using HMRC's CT software.
I'm still using their SA online service to file clients' returns.
My first thoughts, but then realised that the OP has already started his SA return, and we are not allowed to access an account using a tax payers access ID.