Capital Gains Tax form & payment
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July 2022
Good afternoon
I’ve been reading through HMRC guidance notes for filling in a self assessment tax form. I what sections I have to fill and which I do not. It seems quite reasonable. Is there any necessity to pay a tax accountant to do this for me given I have to collate, prepare and provide all the information to the tax accountant myself. I understand which boxes to fill in and what goes in those boxes. I have to write a statement of explanation. So how am I benefitting from Paying an accountant to do this for me? I have already paid a French tax account €1800 to do my French Taxes and the form looks like a 5 year old filled it in in crayon. In some areas he actually typed over figures he already had written in. The form looks ‘unreadable’.
Good afternoon
I’ve been reading through HMRC guidance notes for filling in a self assessment tax form. I what sections I have to fill and which I do not. It seems quite reasonable. Is there any necessity to pay a tax accountant to do this for me given I have to collate, prepare and provide all the information to the tax accountant myself. I understand which boxes to fill in and what goes in those boxes. I have to write a statement of explanation. So how am I benefitting from Paying an accountant to do this for me? I have already paid a French tax account €1800 to do my French Taxes and the form looks like a 5 year old filled it in in crayon. In some areas he actually typed over figures he already had written in. The form looks ‘unreadable’.
Could you tell me the benefits of using a paid service please?
Alternatively, if you feel it’s simple enough to fill in the forms yourself please could you relate your thoughts and experience and any tips…
I’d like to know where I actually get a form to declare and pay my Capital Gains and how I make payment.
Thank you
I’d like to know where I actually get a form to declare and pay my Capital Gains and how I make payment.
Thank you
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(Ha sido divertido)
I had to use an ‘approved’ tax accountant suggested by the French Notaire that cost €1800…for a sloppy job. Compare that to the Quotes I have had from UK ICAEW & ACCA accountants for between £250 and £600 and the UK accountant seems very good value.
I’m a UK Resident with no income from anywhere abroad just a UK State Pension.
"Accountant’s fees are allowable only to the extent that they relate to the ascertainment of market value of the assets or to any apportionment for the purposes of the computation. Otherwise, fees for the computation of liability are not allowable."
See https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg15250
The cost of the flight to visit the Notaire will not be deductible. House survey fees in France will be a deductible cost of sale.
To calculate the capital gain, you compare the sterling equivalent of the cost (including costs of acquisition) at the date of purchase with the sterling equivalent of the sale price (including costs of sale) at the date of sale. Choosing the right conversion rate can make a big difference. If there were improvements to the property (as defined by the legislation), the sterling equivalent of these may be deducted (based on the exchange rate when the improvements were paid for).
If the property was ever your main residence, some or all of the gain may be exempt. See:
https://www.gov.uk/government/publications/private-residence-relief-hs283-self-assessment-helpsheet/hs283-private-residence-relief-2022
If there is French tax payable, it may be deducted from the UK capital gains tax payable, but cannot create a repayment if the French tax is more than the UK tax. The French social levy is not a tax for these purposes, but should be deductible in computing the gain for UK tax purposes.
You can submit your 2022/23 tax return at any time from 6 April 2023 to 31 January 2024.
I suggest you seek professional advice.
Yes I agree about the professional advise. I have arranged a meeting next Thursday with a qualified ICAEW/ACCA tax accountant.
I have used the exact daily exchange rates on the exact dates but I believe HMRC may use an average for the specific months in questions? By comparison at the time of sale the pound was £1:€16241. The bank didn’t charge a penny to convert the money upon receipt (so kind of them) but the exchange rate they gave us as ‘live at the time’ was .01775p (one penny and seventy seven hundreds of a penny) different to the actual live exchange rate which cost me nearly £6000.
You can pay tax in advance:
https://www.gov.uk/pay-self-assessment-tax-bill/pay-weekly-monthly
It is not the best thing to do. You would be better putting the funds into a safe bank account (National Savings for example) and earning a bit of interest.
Make sure your adviser carefully considers the method of calculating exchange rates. There are different options available (although you should use the same option for both the purchase and the sale). When the sums are significant, even a small difference can cut the tax bill.