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

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Don't get overwhelmed by capital gains tax reporting - we've got your back! Use this helpful guide to learn the process of reporting capital gains taxes in detail.
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2 дек 2020

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Комментарии : 79

@Simon-Misiewicz-US-UK-Taxes Год назад

Request a call back: If you are looking for a new US or UK real estate property tax specialists contact us here: survey.zohopublic.com/zs/80zrXp

@chrisprussell Год назад

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.

@Simon-Misiewicz-US-UK-Taxes Год назад

Glad it helped Chris 👍

@grantridout1884 3 года назад

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.

@Simon-Misiewicz-US-UK-Taxes 3 года назад

Phew 😥 I am relieved for you too

@simon_k4551 3 года назад

Many thanks, clear and to the point.

@Simon-Misiewicz-US-UK-Taxes 3 года назад

Thank you that is most kind of you to say and you are very welcome

@Tahir515 3 года назад

Very informative, great work.

@Simon-Misiewicz-US-UK-Taxes 3 года назад

Thank you ever so much 🙏

@davecustance3423 3 года назад

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.

@Simon-Misiewicz-US-UK-Taxes 3 года назад

I am pleased to hear that. Good luck 🤞

@ipatel4930 3 года назад

Great stuff

@Simon-Misiewicz-US-UK-Taxes 3 года назад

Thank you that is very much appreciated

@Oebz 3 года назад

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

@Simon-Misiewicz-US-UK-Taxes 3 года назад

This might be useful for you www.optimiseaccountants.co.uk/tax-calculators/

@karenazar8097 2 года назад

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

@Simon-Misiewicz-US-UK-Taxes 2 года назад

Yes indeed and will be part of your acquisition costs.

@teresatyldesley1745 3 года назад

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?

@Simon-Misiewicz-US-UK-Taxes 3 года назад

You can buy any of our tax calculators via our website: www.optimiseaccountants.co.uk/tax-calculators/

@sg9592 3 года назад

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?

@Simon-Misiewicz-US-UK-Taxes 3 года назад

You have to use up your losses first and then annual exempt amounts

@youantonio1000 2 года назад

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.

@Simon-Misiewicz-US-UK-Taxes 2 года назад

The only thing I can recommend is to call HMRC on 0300 200 3310

@Brad_Dean Год назад

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

@Simon-Misiewicz-US-UK-Taxes Год назад

If you feel comfortable doing the tax return yourself then feel free to do so. An accountant is there to verify that the numbers are correct and to give people comfort and confidence. If you have these then there is no need to speak to an accountant. Good luck 👍

@marcinkozlowski3583 2 года назад

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 ?

@Simon-Misiewicz-US-UK-Taxes 2 года назад

HMRC say that you do not need to report any capital gains thrown on. In your case, you would not need to report. However, if you submit self-assessment Tex Jones I would suggest that you find a capital gains tax report to HMRC anyway. I say this because it gives them evidence that no games with made long before the self-assessment tax return is submitted

@EnglandUK007 2 года назад

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

@Simon-Misiewicz-US-UK-Taxes 2 года назад

Correct, unless you are a non-UK resident

@mayurshah77 3 года назад

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

@Simon-Misiewicz-US-UK-Taxes 3 года назад

What like this one but for free 🤗 ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-T4YIvGUCAdI.html

@hasherpeekpower94 2 года назад

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.

@Simon-Misiewicz-US-UK-Taxes 2 года назад

This RU-vid channel focuses just on property tax when it comes to CGT. We don’t tend to focus on crypto currency

@nigelbradley217 3 года назад

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?

@Simon-Misiewicz-US-UK-Taxes 3 года назад

Yes provided that the expenditure was not identified as cost in a self assessment tax return (if there was ever rental income). Receipts will be required

@nigelbradley217 3 года назад

@@Simon-Misiewicz-US-UK-Taxes Much appreciated Simon.

@Simon-Misiewicz-US-UK-Taxes 3 года назад

You are very welcome 🙏

@Nnn655uyyfdd 3 года назад

Thanks for the grest video! I've just sold my property, that was my only property that have lived in for almost 4years. It was my main residence that I always lived in and never sublet it to anyone. I spoke with hmrc and was told I still have to report it. I've started the online process, the same as presented in the video. Didn't complete it as I got stuck..Im buffeled now having watch the video. As I understand I dont need to pay anything. Can you please comment? Many thanks

@Simon-Misiewicz-US-UK-Taxes 3 года назад

You really do need to speak with a tax specialist to see if you have a taxable gain. There is no way of telling without going through all the details and identifying all the possible tax saving reliefs.

@timothywicke9943 Год назад

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.

@Simon-Misiewicz-US-UK-Taxes Год назад

You will need to enter it manually as the two systems are unconnected.

@Simon-Misiewicz-US-UK-Taxes Год назад

Thank you for the kind comment Timothy. Very much appreciated

@timothywicke9943 Год назад

@@Simon-Misiewicz-US-UK-Taxes Thanks for your help - SA Return now sorted!

@Simon-Misiewicz-US-UK-Taxes Год назад

Brilliant news. See you next year 😎🙏

@sh7184 2 года назад

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??

@Simon-Misiewicz-US-UK-Taxes 2 года назад

You don’t need to upload receipts but maybe upload a spreadsheet that details all receipts including the completion statements. Do keep your receipts in an envelope for future reference.

@patrickgregory7763 Год назад

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.

@Simon-Misiewicz-US-UK-Taxes Год назад

I would only enter your share of the monetary values 👌

@patrickgregory7763 Год назад

Thanks so much. That's helpful. Do both each get the £6K allowance on the one sale?

@Simon-Misiewicz-US-UK-Taxes Год назад

Each gets £6k allowance 🙏

@nigeljones178 2 года назад

I recently sold a shop for £200,000,the details of which I need to submit to HMRC in order to pay capital gains tax.I bought the shop in 1992 for £25,000,although,I recall at the time the seller wanted the declared price to be £20,000,and the additional £5,000 to be an 'under the table' cash payment.Perhaps,naively I went along with his request,as I wanted to purchase the shop,and it has been a good investment.My question is,does HMRC have a record somewhere in it's vaults of the purchase price of my shop,secondly,do they make allowances for the considerable price gain I have made in that thirty years have elapsed for me to make this gain.I have recently retired,and have never been a high rate taxpayer,but after watching your video,I am concerned my considerable gain may be subject to a capital gains rate of 28?%. I would be grateful for your comments.

@Simon-Misiewicz-US-UK-Taxes 2 года назад

You need all supporting documents to the CGT calculation. There are no allowances to speak of but speak with your accountant about possible indexation allowances. The rate of tax is 10% for basic rate taxpayers and 20% for high rate taxpayers. With all that said speak with your accountant to go through the workings with you to avoid a costly mistake

@eversleyowl 3 года назад

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?

@Simon-Misiewicz-US-UK-Taxes 3 года назад

You get a capital gains tax exempt allowance each year of £12,300 and then it hits your personal banded tax rates.

@patrickgregory7763 Год назад

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.

@Simon-Misiewicz-US-UK-Taxes Год назад

Would you mind giving me an example so that I can see it’s a bit more clearly? I will respond to soon as I see it

@patrickgregory7763 Год назад

Yes thanks. In your example video you put £175000 as a buy cost but nothing for estate agents / sols etc saying it's included in the 175000 in the sell it 200000 but here you ad 1000 for estate agents / sols. My question is can I add the extra costs estate agents/Sols etc all in the buy and sells property amounts and NO in the two extra cost questions? I.E. must the extra estate agents/sols costs always be shown separately?

@Simon-Misiewicz-US-UK-Taxes Год назад

Yes that is indeed possible 👍

@patrickgregory7763 Год назад

Thank you. You provide very helpful information. You're a star!

@Simon-Misiewicz-US-UK-Taxes Год назад

You are very welcome 🙏

@unchained5514 Год назад

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?

@Simon-Misiewicz-US-UK-Taxes Год назад

An interesting point. Thank you for asking the question. I will certainly put my mind to it and create a video for you

@unchained5514 Год назад

@@Simon-Misiewicz-US-UK-Taxes Good Morning. Thank you most kind. You may consider another nuanced question that may apply in some cases could be say half of said property calculated at passing away date say 2022 and they become or already were non resident so the other half is calculated at Apri 2015 unless you cant do that for reasons I do not know.

@Simon-Misiewicz-US-UK-Taxes Год назад

Great question. Sadly it is not something that I can answer on a RU-vid form like this. The answer and comeback questions would be too complicated

@rickfuller9054 2 года назад

was nearly 2 years why down 2 30 days

@Simon-Misiewicz-US-UK-Taxes 2 года назад

You will need to speak to HMRC on that one. It has been increased to 60 days now though

@Simon-Misiewicz-US-UK-Taxes 3 года назад

Capital Gains Tax Calculator £9.95: bit.ly/2XkxbTF Download now. CGT 30 days reporting: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-T4YIvGUCAdI.html Self assessment tax adjustments: CGT 30 day reporting and tax return adjustments ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-M6B2mHac6_g.html

@Simon-Misiewicz-US-UK-Taxes 2 года назад

Use our new free Capital Gains Tax Calculator here: www.optimiseaccountants.co.uk/uk-capital-gains-tax-calculator/

@Simon-Misiewicz-US-UK-Taxes 2 года назад

Free CGT Calculator: www.optimiseaccountants.co.uk/uk-capital-gains-tax-calculator/