First Self Assessment Submission. Help

meatandtwoveg

Hello.

I have never filed a self assessment tax return before; so 20/21 tax year will be my first and I will do it all online; submit all information electronically. Upload any documents required to back up my figures.

A question.

My return is required mainly due to my stocks/shares trading activity. In the tax year 20/21 I made 198 trades in total (Buy/Sell). Not equal buy and sells, more buys than sells. I have kept a spreadsheet outlining all buy costs and sell cost, profit, loss etc.

Taking all tax allowances into question; I estimate I owe £6500.00 (6.5K) in Capital Gains tax.

I have not registered for self assessment yet as I will in August. When I submit my return, what documentation supporting my figures will I be expected to provide to the HMRC.

Will I be required to provide every trade pdf certificate showing, costs? Will I be required to provide my spreadsheet showing all costs?

Do you fill in a HMRC spreadsheet and then they work out the tax owed?

I have no pension income, no benefit income, no earned income and no other income apart from around £5k in savings interest income and £12k in Dividend income for tax year 20/21. I have no losses from the previous tax year.

I have checked my numbers with the online calculator link below. They are within a pound, so I expect mine are quite accurate.

I just want to get ahead of the game before I register for slf assessment.

http://www.cgtcalculator.com/calculator.aspx

Thanks for any feedback.

Dazed_and_C0nfused

Why not look at the (paper) CGT part of the return and accompanying notes?


https://www.gov.uk/government/publications/self-assessment-capital-gains-summary-sa108

One thing to look out for is that although you are only liable to 0% tax rates on your income it may be that this uses part of your basic rate band for CGT calculation purposes,

Pennywise

In simple terms, you declare every sale separately, i.e. you enter the sale price/cost for each trade, then for each, you enter the costs of sale (broker costs etc), purchase cost/price, cost of purchase (broker cost, stamp duty etc), and the system does a simple calculation of the gain.  Then once you've entered them all, the system adds up all the gains, deducts the losses, and leaves you with a net gain on which cgt is due (less annual exemption).

You don't need to give them any supporting documentation.  They'll ask for it if they choose you for an enquiry/investigation at a later date.

No, you don't give them a spreadsheet for them to work things out.  It's "self" assessment, you feed in the figures and it does simple calculations based on what you enter.  There'll probably be no "human" interaction from HMRC's end at all.

meatandtwoveg

Pennywise.

Cheers buddy.

Can I ask if you have the data in the correct format in a spreadsheet. Does the HMRC platform allow you to copy from spreadsheet and paste into the portal all in one swoop.

Or do you have to manually input each set of data into individual caption boxes.

Thanks for the feedback.

[Deleted User]

meatandtwoveg said:

Pennywise.

Cheers buddy.

Can I ask if you have the data in the correct format in a spreadsheet. Does the HMRC platform allow you to copy from spreadsheet and paste into the portal all in one swoop.

Or do you have to manually input each set of data into individual caption boxes.

Thanks for the feedback.

No facility to copy and paste from a spreadsheet. As pennywise says it’s manual input one at a time.

meatandtwoveg

Pennywise said:

In simple terms, you declare every sale separately, i.e. you enter the sale price/cost for each trade, then for each, you enter the costs of sale (broker costs etc), purchase cost/price, cost of purchase (broker cost, stamp duty etc), and the system does a simple calculation of the gain.  Then once you've entered them all, the system adds up all the gains, deducts the losses, and leaves you with a net gain on which cgt is due (less annual exemption).

You don't need to give them any supporting documentation.  They'll ask for it if they choose you for an enquiry/investigation at a later date.

No, you don't give them a spreadsheet for them to work things out.  It's "self" assessment, you feed in the figures and it does simple calculations based on what you enter.  There'll probably be no "human" interaction from HMRC's end at all.

Well. Just completed my first return. Only had to input. Total value of sales, total value of costs including purchase costs, and total gains. Attached a spreadsheet in PDF format. Job done. You do not have to enter each trade individually. You can use their computational worksheet if you want to. Why would you when excel is far easier, quicker and efficient.
Not sure why I was misinformed.