Have Tax Questions? Ask a Tax Expert for Answers ASAP
I have sold shares over the last few years which I inherited. I did not realise that I may have some tax liability. The sales go back over the last 5 years or so. I am not registered assessment yet and have no paper records of the sales. What is your advice on how to deal with this problem?
Thanks initial help, I was aware of the approximate exemption figures. My real concerns are, that I have had no other taxable income 5 years and therefore have had no dealings at all with HMRC. Would it be advisable to register assessment immediately, or would you suggest I contact all companies concerned first? As acquisition price, would I need to contact the solicitor that handled the estate? Finally, if I am liable from past years am I likely to be charged a penalty declaring earlier?
I would be inclined to work it out first to see if there is actually any liability.
As I said HMRC are not interested in returns which yield no revenue after processing.
The solicitor who handled the estate should have the detail and should have advised you of the probate value on distribution of the estate. Most of this data will be available on public listed company's web sites anyway so there will be no need to waste time and effort writing letters.
If you are in arrears with tax then you will be charged interest by HMRC and maybe penalties too. They are very keen on imposing these nowadays, but if you do not owe anything then it is rather unlikely that you will be penalised.
Please be so kind as to rate me before you leave the Just Answer site.
OK thanks. So, as I am not registered assessment at the moment I do not need to worry about the deadline of 31st January, though obviously I should get all the information as a matter of urgency I assume.