Forgot some capital gains

lr1277

Hi


I know it is approaching 10pm on 31st January but here goes.


I sold an investment property in 2018 and because of the capital gains I used an accountant to submit my SA return. (I normally used taxcalc).

All fine and dandy. Return submitted by accountant last week and I paid the tax bill on Monday just gone.
However I have just realised I have some capital gains on shares that were not included in the return.
I have emailed my accountant who might still be in the office or may not deal with this till Monday.
Essentially I made a profit of about £420 on my shares and a loss of about £20 on a CFD trade.
So should I wait to hear from acccountant on Monday?
28% tax on £400 is about £112.
Should I just pay that?
Or wait to hear from my accountant?


Thanks in advance


LR

Daniel54

lr1277 wrote: »

Hi


I know it is approaching 10pm on 31st January but here goes.


I sold an investment property in 2018 and because of the capital gains I used an accountant to submit my SA return. (I normally used taxcalc).

All fine and dandy. Return submitted by accountant last week and I paid the tax bill on Monday just gone.
However I have just realised I have some capital gains on shares that were not included in the return.
I have emailed my accountant who might still be in the office or may not deal with this till Monday.
Essentially I made a profit of about £420 on my shares and a loss of about £20 on a CFD trade.
So should I wait to hear from acccountant on Monday?
28% tax on £400 is about £112.
Should I just pay that?
Or wait to hear from my accountant?


Thanks in advance


LR

You can adjust yiur return afer 31st January,without penalty.Speak to your accountant.

lr1277

Many thanks Daniel54. I'll wait to hear from my accountant.

Dazed_and_confused

But if you know there is extra tax to pay you may as well pay it now, that way you will minimise the interest you could be charged for late payment.

Cook_County

Why would the CFD appear on a UK personal tax return?

jimmo

Cook_County wrote: »

Why would the CFD appear on a UK personal tax return?

Because they produce capital gains or losses.
https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg56100

lr1277

Cook_County wrote: »

Why would the CFD appear on a UK personal tax return?

CFD trading is liable to capital gains but losses can be offset against profits.


My understanding is that spreadbetting is CGT free but then you can't offset any losses against other profits. Also it is my understanding that HMRC only allows spreadbetting to be CGT free if you have an alternative main source of income.