Any experience of capital gains tax ?

[Mikey D]

Ok so I've recently sold a house that I've owned for 28 years and was rented out for the last 3 . I bought another house to live in 3 years ago . Anyway I need to pay capital gains tax I've worked it out on the gov.uk website and it's about £1300 ..

I have a gov gateway account but need a different account to pay the CGT and can I feck get one from the gov.uk site just gives me the option of paying for a trust or business not as an individual !

I have e mailed hmrc but there giving me links that I've tried and failed with .

I guess I'll just have to just ring them and be on hold for hours

Why can't things just be simple ?

 

[premmington]

Do I have - Any experience of capital gains tax ?​

Too much to be honest...

You need to take professional advice - there are allowances and claims you can make.

 

[Mikey D]

Yea I've read up on the allowances etc just need the CGT account to pay it

 

[Craig-SM]

Separate HMRC account to report the residential capital gains and 60 days to report and pay.

Report and pay your Capital Gains Tax

How to report and pay Capital Gains Tax (CGT).

www.gov.uk

You still report the gain on your annual tax retur but you’ve already paid the CGT part of it.
If you’ve only rented it out 3 years there won’t be much to pay but make sure you pro rata the increase and include any capital expenditure and legal costs for buying and selling including stamp duty you should have paid when it became a rental.

 

[Craig-SM]

When you finish the online submission you get a reference number to quote when making the payment

 

[Mikey D]

That's the bit I'm struggling with Craig getting that reference number ,it's just asks if I'm I a trust or a business .! I've done what it says in the link you provided ....

Thanks anyway .

 

[Craig-SM]

That's the bit I'm struggling with Craig getting that reference number ,it's just asks if I'm I a trust or a business .! I've done what it says in the link you provided ....

Thanks anyway .

I've just tried it to create a new account and it’s working fine. Are signing in using your own personal account or a business account. If you don’t have a personal account, create one.

 

[Mikey D]

Hmmm I was self employed years ago sole trader , but had to do tax returns again when I rented it out this past 3 years ... I'm sure it's a personal account

I'll have another go tomorrow
Thanks for your help again ..

 

[Craig-SM]

Hmmm I was self employed years ago sole trader , but had to do tax returns again when I rented it out this past 3 years ... I'm sure it's a personal account

I'll have another go tomorrow
Thanks for your help again ..

Just create a new one.

 

[Mikey D]

Success !yea I created a new account and all went thru ok .Thanks again Craig