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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5016
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I had a joint buy to let property with my husband. The property

Customer Question

I had a joint buy to let property with my husband. The property is now sold and the money divided, but I've now been informed by my husband that he has always entered half the property on his self assessment form.
I need to declare my proceeds from the sale , please advice the best way to go about this
Thank you
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your question.Please advise -- do you file a tax return?- when was the property sold? many thanks
Customer: replied 1 year ago.
I don't normally file a tax return
The property was sold March 2015
Customer: replied 1 year ago.
I am awaiting your reply
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your prompt response. You must send a tax return if you made profits from selling things like shares, a second home or other chargeable assets and need to pay capital gains tax.More information on who must send a tax return can be found herehttps://www.gov.uk/self-assessment-tax-returns/who-must-send-a-tax-returnIf you have not filed a tax return in the past and don't have a Unique tax reference number (10 digit number) then you should register for self assessment to enable you to file a tax return. You are unlikely to get a UTR number in time to meet the deadline for filing tax return 2015.A practical solution is to write to HMRC explaining the fact you don't normally file a tax return but have a gain from sale of chargeable assets to report and pay CGT on that gain.They may decide that this being a one off, you need not register for self assessment.You send your letter to HMRC at address shown hereSelf AssessmentHM revenue and CustomsBX9 1ASUKRetain a copy for your records and post the letter recorded delivery. 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.
Expert:  taxadvisor.uk replied 1 year ago.
Hi
Just checking in. How did things turn out?
Many thanks