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Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 7907
Experience:  FCCA - over 40 years experience as a qualified accountant (UK based Practitioner)
Type Your Tax Question Here... is online now

Do I need to fill in a self assessment form, No, I am 70 yrs

Customer Question

Do I need to fill in a self assessment form
JA: Have you talked to a tax professional about this?
Customer: No
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: I am 70 yrs have gov pension and works pension. Owned a house, that I rented through agency, but have sold it.
JA: When was the property or asset sold?
Customer: End of November 2020
Submitted: 14 days ago.
Category: Tax
Expert: replied 14 days ago.

Hello and welcome to JustAnswer. I’mCustomer a UK qualified accountant. Reviewing your question and will respond to you shortly.
Many thanks

Expert: replied 14 days ago.

Thank you for your question.

You will have to complete a tax return for tax year ended 5 Apr 2021 for these reasons

- rental income from property

- capital gain/loss on sale of property in Nov 2020

- pension from state and previous employer albeit taxed under PAYE

My aim is to give you a professional service. I hope this is helpful and answers your question.

If you need more assistance, please use the reply box below and let me know. It has been my pleasure to assist you with your question.

Customer: replied 14 days ago.
Do I pay capital gains on the £68,000 I got from the house
Expert: replied 14 days ago.

Thank you for your reply.

You need to work out what capital gain was made from sale of property. Chargeable gain will be taxed at 18%, 28% or combination of both depending on your total income including gain.

Gain is the difference between net sale proceeds and

original purchase price plus costs of buying and selling the property including stamp duty and any expenditure on capital improvements during period of ownership.

I hope this is helpful and answers your question.

Expert: replied 14 days ago.

Hi there

Just checking to see if you need me to clarify anything or if you have any additional questions - I am happy to help!

Many thanks