Tax Return query

Windsorcastle

I'm completing my first self-assessment since going partly self-employed during the last tax year. I have 2 queries I'm unsure about:

* I sold my share in a jointly owned property to my ex-partner during the tax year, it was my only property which we both lived in, and I moved into rented accommodation. Do I need to declare this sale somewhere on my tax return and if so, where? The section about property income seems to all be about rental income. And more importantly will I get taxed on the money I got for this transfer?

* Secondly, how do I know which class of NI contributions I should be paying?

Any assistance gratefully received as I'm terrified of doing something wrong...

Dazed_and_confused

Look at the (optional) Capital Gain section but from the information you have provided, which obviously may not tell the whole story, it seems unlikely to be something you will need to declare.

Class 2 and Class 4 on the self employment. Both are dependent on profits figures although class 2 can be paid voluntarily in some situations.

If you had a job/jobs during the tax year you are completing the return for the nmake sure you include the income from these. The return is for your total income, not just self employment.

Linton

Selling you own house (or part of a house) in which you lived doesnt incur any tax and doesnt need to be decared anywhere.

Windsorcastle

Thanks both for the replies. That's a relief to know that I don't need to include the property sale.

So presumably HMRC calculate how much NI I owe based on my profit and will give me a figure?

sheramber

It will be added in to the calculaton of tax and NIC due from your tax return.