Any experience of declaring capital gains?

ellie99

Hi, I'm hoping for any info/reassurance before I log on to HMRC to declare a capital gain.

I sold a holiday let last month, and know I need to declare this within 60 days.
I ran through the HMRC online calculator, but haven't yet logged on. I'm mostly concerned about also claiming Business Asset Disposal Relief, but I have a few questions if anyone else has done this online.

1. When I'm declaring the capital gain, does the HMRC ask if I want to claim the Disposal Relief, or do I need to find another way to do this? The online calculator didn't mention it.

2. As I sold in November 2023, it's the current tax year, and the calculator asked me what I would be earning in the 23/24 year. Will they ask this online, and if they do, how important is it to get the figure right? (It will mostly be interest from savings, as I've now retired). I presume if the figure isn't correct, it will just be adjusted after I fill in 23/24 tax return?

3. Do I have to pay immediately? That is, the same day, or is it like self assessment where you can see what you owe online, and the date it needs to be paid by? As I'd need a few days to move the money from my savings account into current account to pay.

And one extra question in advance of next year...
4. When I complete my self assessment for 23/24, it will ask if I've had a capital gain in the year. So I'll need to say yes...will the HMRC realise I've already declared and paid so I'm not charged twice?

I know how to calculate my capital gain, I've got the figures ready to go. I'm just worrying about doing the online part wrong, and getting a bill which is too high!

I pay tax in Scotland, and the property was in England.

TIA if anyone else has experience of doing this.

[Deleted User]

Lots of points briefly addressed:

1) Declare gain, claim relief on form. I believe that there is a box to detail exactly what reliefs are being claimed. 

https://www.gov.uk/report-and-pay-your-capital-gains-tax/if-you-sold-a-property-in-the-uk-on-or-after-6-april-2020

2) you estimate to the best of your ability. It will be adjusted after you submit your return. 

3) Gain must be declared AND tax paid within 60 days.

4) You complete the capital gains section. There are two boxes to declare the gain and the tax paid on the original declaration. You will not be charged twice. 

ellie99

Thank you purdyoaten2. 

Re my income for 23/24 - I have a small widows pension and an even smaller works pension which I will declare. Should I try and work out how much interest from savings will be and add that on?