How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask bigduckontax Your Own Question
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 11078
Type Your Tax Question Here...
bigduckontax is online now

I have recently received a letter from hmrc in relation to

Customer Question

Hello, I have recently received a letter from hmrc in relation to capital gains abroad and that I might need to pay more taxes. I have some stock shares in international markets that could explain that letter but I would like some expert advice to help me with the process so I can reply to hmrc letter with full details. Thanks!
JA: What are the assets or property for this capital gain?
Customer: Stock Market shares
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: The reason I didn’t report in self assessment is related to gains removing losses is not reaching the capital gains allowance from government
Submitted: 8 days ago.
Category: Tax
Expert:  bigduckontax replied 8 days ago.
Hello,  I am onr of the experts on Just Answer and pleased to be able to help you with your question.

Have you ever disposed of some or all of these holdings?

Customer: replied 8 days ago.
Morning, yes I do, I keep selling and buying stock during the year
Expert:  bigduckontax replied 8 days ago.

Then if your net gains in any tax year [5 Apr to following 5 Apr] exceeds 12.3K then a liability to UK Capital Gains Tax (CGT) will be created and a return will have to be made to HMRC.

I do hope that you have found my reply of some assistance.