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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4973
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I am making a late return on behalf of someone else -14

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I am making a late return on behalf of someone else for 2013-14 because I though I would get a rebate for them but may in fact be taxed and fined for a late return now I have done the working sheet. The person is single and was born in 1925. I have done the figures but am not sure about how the capital gains (which went from a small loss in 2012-13 to a large gain in 2013-14) is counted in the overall tax bill. The figures I have are: a state pension of £5,760; a net taxed interest of £239; a gross untaxed interest of £2,402 and a potentially taxable capital gain of £3,220 after taking off the £10,900 exempt amount. Am I entitled to a rebate or will I be taxed and will I be fined?
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your question...I am sorry to say that you can't offset chargaeble capital gain of £3,220 against unused personal allowance given for income tax purposes. These are two separate taxes.You will be taxed CGT on this chargeable gain.The deadline for filing Tax Return 2013-14 was 31 Jan 2015. The fact it was not filed at all as opposed to a need to make a change to your tax return after you have filed it, may result in a fixed penalty. The Tax Office has been using discretion and in many cases has waived the fixed fine for late filing.You may find this article helpfulhttp://www.accountancyage.com/aa/news/2410851/hmrc-waives-gbp100-fines-for-late-self-assessment-filers I hope this is helpful and answers your question.If you have any other questions ,please ask me before you rate my service – I’ll be happy to respond.
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Customer: replied 1 year ago.
OK thanks.

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