Late Capital gain reporting

Reporting online or tax return

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We have a new client who rented out a 3 properties and declared the rental via self assesmment

on the 2021-22 tax return they declared the rental but overlooked declaration of sale of one of the rental properies and did not report it

they now wish to report it so is the best way ro use the online reporting portal or just resubmit an amended 2021-22 tax return with capital gains pages included?  Im assuming the 2021-22 SATR is still in time to resubmit an online amendment rather than a paper return?

also a second rental property sold in July 2023 which hasnt been reported.  Its past the 60 day deadline obviously so wondering if it still should be done as a separate online report via the cgt portal or as it's lare now, just to include it on the 2023-24 tax return?

thank you 

 

Replies (7)

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By nrw2
16th May 2024 12:35

JoandToby wrote:

Im assuming the 2021-22 SATR is still in time to resubmit an online amendment rather than a paper return?


2021-2022 SA amendment window closed 31.01.2024?
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Replying to nrw2:
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By JoandToby
16th May 2024 12:51

Sorry yes, it’s been a long day! Thank you might have to be paper ones, cannot get through on HMRC helpline for advice at the moment.

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Replying to JoandToby:
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By More unearned luck
16th May 2024 15:33

No. Read what NRW2 said. You cannot now amend 2022 tax returns, full stop.

HMRC say “In the situation when a taxpayer has already made an SA return and not completed a UK property return then they should complete a paper return. They should follow the normal process for doing this and contact HMRC.”

My advice is to contact HMRC via the WDS.

The CGT return will be required if there is an RE for filing late. You can't have an RE if you never file (or more precisely if you don't correct the default within a reasonable time of the RE ending.).

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By Matrix
16th May 2024 12:37

21-22: Neither. I suggest reading up about it all and writing to HMRC.

July 23: There are plenty of threads on this and different views.

If you take both together it is not great, so warn your client of penalties and fees but you don’t even say the amounts involved and why your new client was doing all this without a tax agent. And why you have accepted the work without agreeing the approach first. (Not blaming you at all, there are daily questions from those who think they can DIY.)

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Replying to Matrix:
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By JoandToby
16th May 2024 12:55

Thank you
Yes they did actually have an agent previously who did the returns so was quite surprised that they weren't asked the question as why there was none of the usual rental income on 1/2 properties in those years.
Not onboarded the client yet as told them would need to research reporting criteria first before accepting but seems impossible to get through to HMRC helpline/online chat at the moment

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Replying to JoandToby:
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By Matrix
16th May 2024 13:04

Don’t ask HMRC. If you still want to take them on then get some pointers here for the letter. Basil may even write it for you, look at previous posts on this.

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Small Dog's RAT Return
By Oldmanwetmix
16th May 2024 13:40

Is there actually a gain? Got caught out years ago, by client who'd actually made a loss on a sale, but kept saying they'd made a gain (inherited the property).

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