UK Capital Gains Tax Reporting: A Step-by-Step Guide (Now 60 days reporting to HMRC)

If you have both completion statements when purchasing and selling and have all invoices figures/invoices relating to allowable capital costs do you really need to pay an accountant to file a capital gains return your video makes it seem simple enough to do yourself?
Thanks

Hi Simon, Can you help please. If two people who 50% each jointly own and sell a property for CGT reporting do you list the full property sale value or 50% of the sale value on each report? Also do both get the £6000 allowance? Thanks you're a great channel.

How would this be completed on a property that was 50% owned by someone now deceased and so the 50% of the value is calculated at the date of passing away? As the question states how much did you own with no equivocation it would seem?

Excellent guide. After consulting a financial advisor to go through the figures of my inheritance I played/paused this video whilst completing my capital gains tax without any issues. Thank you.

Having completed, submitted and paid the CGT report on a residential property disposal on 15.05.2021, do we now have to enter the same details again on the 2021/22 Tax Return? and if so will HMRC automatically pick up the fact that the tax has already been paid. Great video by the way.

Very informative thank you. Can you put the purchase price and the selling amount calculated with all estate agent / solicitors etc already included and say no to the selections for these extra costs? Many thanks.

Hi Simon
Thank you for all this great videos.
Do we need to upload all the receipt at the end or just the completion statement??

was nearly 2 years why down 2 30 days

Hi Simon,

I have sold my an investement house buy-to- let a few days ago. After all costs inc solicitors, brokers and early bank repayment, plus tax year allowance 12300f, there was no profit on it. Do I still have to report to HMRC if there's no capital gains ?

Hi Simon, I watched the video and you didn't take into account the stamp duty that you paid when you purchased the property. I was always told that for your yearly self-assessment, you couldn't include the stamp duty you paid for the property on it, but you could offset that when you sold the property for capital gains tax

Hi Simon am I correct in saying if you make a loss after all allowable deductions you dont submit a CGT report?

KGF 2

Hi Simon, enjoyed the video, it really is making it look easy and stress free once i get signed in to do it. But, Have you ever heard of anybody struggling to set up the account with HRMC. keep making it all the way thought and answering all the security questions correctly only to be told I need to " sign in with the same government gateway user ID used to create your capital gains tax on Uk property," I cant understand why I cant get in. could it be because I had a accountant process a sale for me a few months ago and I am now trying to do this one ( another sale ) my self, could the accountant hold the user ID's ? any advice will be greatly appreciated.

Is this just for Property I.E Houses or does this rule include property as in shares/crypto. Do HMRC do this deliberately to catch people out. So they can take your money at any time you mess up down the line.

Hi Simon, where can I find the C G T calculation for you mentioned with what I can claim for. Also if selling a property with my husband do we both do c g t forms stating 50% ownership?

Thanks for this video, I was extremely stressed over the sale of my rental property and the CGT implications but after watching this really helpful and informative video I will now take it in my stride!! Thank you.

Hi Simon - this is a very helpful video thanks. My wife and I are selling a long term rental property - When I entered this part of the tax reporting for CGT it became clear that you had to complete and report after completion ... and I wanted to get some of the information inputted before completion ...and save it until completion ! So your video was very helpful.

Brilliant and has helped me, we have a sale going through on a rental property which will result in a large gain as we bought it in 1990, but lived in it for 22 years then rented it out. Do I have to work out the private residence relief or will this be calculated for me when I fill in this section of the CGT form. As the house is in joint names, I assume we both put 50% owner ship on our respective forms … many thanks

Hi Simon Have tried to set up my capital gains account am going wrong have my calculation ready have a gov ID is there a step by step guide i could buy from you

Great stuff

Hi Simon, another great video. I was wondering, from what you have said it seems tax of at least 18% is payable on all gains above the CGT threshold. If somebody has earnings below £12,000 is it possible to use some of that personal allowance for CGT purposes. Say somebody earns £6,000 and has a gain on a property sale of £18,300, after the CGT allowance of £12,300 it leaves a taxable gain of £6,000. Would they still pay 18% on that gain, or would the remaining £6,000 of personal allowance cover this gain?

What a great video, many thanks Simon. I have a quick question, my 2 sisters and I own 1/6th each of my mothers home which will be sold next week as she has moved into a care home. There were 3 fairly large expenditures in the last 10 years, a new boiler (to be more efficient), new windows and doors (mainly to make the property more secure), and a modern electric fire to replace an older gas fire. Would we be able to offset any/all of these against our CGT liabilities?

Hi, if in your example you had 24k losses from previous year to carry forward. Could you have used your yearly PA and then some of your losses to mitigate the CGT? Or are you forced to use up all of your losses before the PA?

Very informative, great work.

Many thanks, clear and to the point.