Self Assessment End October

Jeremy535897

[Deleted User] said:

Jeremy535897 said:

I assume the confusion is arising because the timing of the online return for 2020/21 (30 days from completion) and the paper deadline for a 2019/20 return (31 October) are near to each other. OP, the two are entirely separate. The gain on this property does not go on your 2019/20 return, but you do have to do an online return and pay any capital gains tax 30 days after the sale completes. When you do your 2020/21 return next year, you will include the gain and the tax already paid.

Fair point. I note that the Office of Tax Simplification celebrated its tenth anniversary last month. 😕

I told John Whiting he was on a hiding to nothing.

Jenga12

This is what confused me; it's from the hmrc website-

Report in a Self Assessment tax return

You can file a Self Assessment tax return to report your gains in the tax year after you disposed of assets.

If any of your gains are from UK property sold after 6 April 2020, you should have reported them within 30 days of the sale. You must still include these gains in your Self Assessment tax return, if you send one.

I understand sentence 1. They should make it clear as to which self assessment form ie, year, they refer to in the 2nd paragraph.

(My kids say I'm a bit slow on the uptake these days).

[Deleted User]

I agree - that first sentence is very poorly written.

Jenga12

I'm at risk of sounding dumb but need to ask another question.
My paper tax return is for 2019/2020, which I would like to get out of the way by 31/10/2020. The Capital Gain issue from the inheritance will be noted in the 2020/21 tax return.
If the selling is finalised in say November, I need to notify HMRC within 30 days and pay the tax also with 30 days. Is the following correct - that I need to create a hmrc gateway ID to do this?
So in effect, that will be done separately from the 2019/20 self asessment paper return?

Jeremy535897

Yes. See https://www.gov.uk/capital-gains-tax/report-and-pay-capital-gains-tax

You will still need to report it on your 2020/21 paper return as well.