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TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15914
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I received some capital gains in the last tax year and i

Resolved Question:

hi i received some capital gains in the last tax year and i haven't had them taxed because i havent submitted a form. i know i'm late and i want to pay. hmrc website isnt the best what can i do please?
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi. Which tax year are you referring to, 2014/15 which ended on 5 April 2015 or 2015/16 which ended on 5 April 2016? Are you registered for self-assesment? What was the total of the net gains for the year?
Customer: replied 1 year ago.
i am not registered for self assesment. 05/04/2016. about 300k. the truth is i'm desperately slack when it comes to things like and have completely lived in denial about this. i really need some help. would i be best advised to see a local accountant in my area? i have no offshore accounts or anything. the money is just sitting in my current account.
Expert:  TonyTax replied 1 year ago.
Thanks. Leave this with me while I draft my answer.
Expert:  TonyTax replied 1 year ago.
If the gains were realised in the year ended 5 April 2016, you haven't missed any deadline. The submission date for a paper tax return for 2015/16 is 30 September 2016 and for an online return it is 31 January 2017. Any CGT liabilty you have will be payable on 31 January 2017.You need to register for self-assessment which you can do here. Depending on what assets you made the gains on, I would recommend that you have an accountant or tax adviser complete your tax return for you if you are unsure about how to calculate the gains or how to fill in the tax return and to ensure that all the reliefs that you are entitled to are claimed. That will take all the stress away and all you will have to do is pay the tax on time. The accountant will deal with any queries raised by HMRC. If the gain was made on one or two property disposal, I could do the calculations for you. If there were several share transactions, it would take too long through a forum such as this and a local accountant would be able to sell all your paperwork which would make things easier. I hope this helps but let me know if you have any further questions.
Customer: replied 1 year ago.
even though i received the funds on 13/04/15?
Expert:  TonyTax replied 1 year ago.
Can you tell me what you sold that gave rise to the gains please.
Customer: replied 1 year ago.
i had shares in a company and they were bought out. sorry i'm so vague with my answers im just panicking somewhat. im just not financially savvy.
Expert:  TonyTax replied 1 year ago.
Normally, when you sell stock market quoted shares, the date on the contract of sale is the relevant date for tax purposes, not the date the contract was completed with the payment to you. The same normally applies to the sale of shares in a private company. Do you know the date the contract to sell was signed if it was a private sale or the sate on the contract note if it was the sale of sahres in a publicly quoted company?
Customer: replied 1 year ago.
not a public company and feb march of last year was the sale date. sorry i cant be more precise but i can only locate the agreement for the sale date which is feb 5th 2015. i am going to have to see an accountant about this but your help is most welcome.
Expert:  TonyTax replied 1 year ago.
In that case, the sale occurred in the 2014/15 tax year which ended on 5 April 2015 so you are late as that tax return should have been submitted to HMRC by 31 January 2016. To get on top of this quickly, find an accountant or tax adviser who can get you registred for self-assessment and while he or she is waiting for your tax reference number to be issued, they can calculate the Capital Gains Tax that you may have to pay. At that point, you might consider making a voluntary tax payment to stop interest running and the risk of more penalties.
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