Several months ago now (within 18/19 tax year) I retired early, and by agreement my co-Director/the company, went through the process of a company share buy-back. This was pre-approved by our accountant with HMRC, I have the confirming letter from HMRC.
I'm now completing my (hopefully!) final SA form ever. The final sum I walked away with comprised mainly 50% of the retained profits amassed by us over many years and a smaller sum to 'sell' to my co-Director.
I don't really wish to bother contacting the old accountant to ask what really is a very straightforward handful of boxes within the CGT section of my self assessment form, so hopefully you kind knowledgeable folk could help me out please?
I'm sure you'll all know this form section like the back of your hand anyway (I've never had to venture into this section in all of the years of SA), but these are the 9 boxes I need to complete before I can move on to the next and final page. Any pointers would be greatly appreciated.
1) Number of disposals: (Optional) = 1 ??
2) Disposal proceeds: (Optional) = £sum walked away with ??
3) Allowable costs (including purchase price): (Optional) = £ none ??
4) Gains in the year, before losses - do not include attributed gains included below: (Optional) = £ unsure ??
5) Losses in the year: (Optional) = £ none ??
6) If, during 2018-19, you submitted a Real Time Transaction Tax return(s) for the disposal of an asset of this type, enter the overall gain or loss - include the individual amounts of gains in 'Gains in the year' and losses in 'Losses in the year': (Optional) = £ unsure??
7) Tax on gains (shown above) already charged: (Optional) = £ unsure ??
8) Are you making any claims or elections? (Optional) = Yes / No ?? (I've noticed when I click YES that a drop-down selection with Entrepreneur Relief is one of the choices)
9) Attributed gains where personal losses cannot be set off: (Optional) = £ None ??
As I say, this was a VERY straightforward agreement...£sum, date. Company had considerable retained profits. Clean, walk-away break.