Forgotten to include taxable gains in 17/18 tax year

sanfairyanne

I would need to double check with my accountant, but I believe I forgot to list a small amount of capital gain on my 17/18 tax return. It's a small amount and certainly less than the £11,300 CGT allowance for this period.
Can I ask the advice of the experts here; what will happen if I open the can of worms and tell my accountant.

Many thanks in advance.

yorkiechick

You have until 31st January to amend your 17/18 return online so it shouldn't be a big deal. If it won't affect the overall outcome of your tax affairs, there wouldn't be any issues from the tax office either.
If you owed any further tax as a result, it would need to be paid straightaway and there would be some interest to pay too.

TheCyclingProgrammer

You do not need to report taxable gains below the CGT threshold on your tax return unless the total amount of the sale was more than 4 times the allowance.

https://www.gov.uk/capital-gains-tax/work-out-need-to-pay