Capital and self-assessment

Boleyn19

I am completing my self-assessment for 23/24. For the first time I have calutal
gains above the allowance as the allowance went down drastically.
The taxable amount is £41. Do I put the total
gains of £3041 on the self-assessment or just £41?
Thanks in advance.

MX5huggy

£3041, is my best guess. You put your total income in not minus the personal allowance. It will calculate the CGT owed (£4.10 if you pay 10%) so you’ll be able to tell you’ve got it right. 

EthicsGradient

Each field has help saying what should go where (or if you're doing it on paper, there's a "notes" pdf for the capital gains section). But you will be telling them a lot more than just the total, or the total after the allowance. You have to list each asset, the breakdown of acquisition costs, and the breakdown of sale costs and proceeds, that gets you to the complete amount (they give a model page for financial assets).

Boleyn19

EthicsGradient said:

Each field has help saying what should go where (or if you're doing it on paper, there's a "notes" pdf for the capital gains section). But you will be telling them a lot more than just the total, or the total after the allowance. You have to list each asset, the breakdown of acquisition costs, and the breakdown of sale costs and proceeds, that gets you to the complete amount (they give a model page for financial assets).

The gains are from a unit trust. Can I attach the report or do I have to do the breakdown myself from the report?

wmb194

Boleyn19 said:

EthicsGradient said:

Each field has help saying what should go where (or if you're doing it on paper, there's a "notes" pdf for the capital gains section). But you will be telling them a lot more than just the total, or the total after the allowance. You have to list each asset, the breakdown of acquisition costs, and the breakdown of sale costs and proceeds, that gets you to the complete amount (they give a model page for financial assets).

The gains are from a unit trust. Can I attach the report or do I have to do the breakdown myself from the report?

You do it yourself from your own calculations. HMRC doesn't want you to attach things from third parties. For avoidance of doubt, you'll also need to complete the sections for employment income, interest earned, dividends, foreign interest and so on. 

Boleyn19

Thanks.
I hope the CG report will help me do this. All new to me.

Beddie

Boleyn19 said:

EthicsGradient said:

Each field has help saying what should go where (or if you're doing it on paper, there's a "notes" pdf for the capital gains section). But you will be telling them a lot more than just the total, or the total after the allowance. You have to list each asset, the breakdown of acquisition costs, and the breakdown of sale costs and proceeds, that gets you to the complete amount (they give a model page for financial assets).

The gains are from a unit trust. Can I attach the report or do I have to do the breakdown myself from the report?

I was wrong, so I deleted it.

Lots of effort involved to pay less than a fiver in tax!

EthicsGradient

Beddie said:

Boleyn19 said:

EthicsGradient said:

Each field has help saying what should go where (or if you're doing it on paper, there's a "notes" pdf for the capital gains section). But you will be telling them a lot more than just the total, or the total after the allowance. You have to list each asset, the breakdown of acquisition costs, and the breakdown of sale costs and proceeds, that gets you to the complete amount (they give a model page for financial assets).

The gains are from a unit trust. Can I attach the report or do I have to do the breakdown myself from the report?

Just fill in the boxes, you don't need to attach anything.

Once you've competed the form online, it will work out the tax for you. If it looks wrong, then go back and amend your figures before you submit it.

Well, you do need to attach the detail of costs and proceeds for each asset. For a simple, single purchase and then sale of an income-bearing fund or share, there's a sample page to fill out, but if it's more complicated than that (eg you added to it after the initial purchase but before the sale, or it is an accumulation fund), you need to document the details yourself, in whatever way you think will satisfy HMRC.

Beddie

EthicsGradient said:

Beddie said:

Boleyn19 said:

EthicsGradient said:

Each field has help saying what should go where (or if you're doing it on paper, there's a "notes" pdf for the capital gains section). But you will be telling them a lot more than just the total, or the total after the allowance. You have to list each asset, the breakdown of acquisition costs, and the breakdown of sale costs and proceeds, that gets you to the complete amount (they give a model page for financial assets).

The gains are from a unit trust. Can I attach the report or do I have to do the breakdown myself from the report?

Just fill in the boxes, you don't need to attach anything.

Once you've competed the form online, it will work out the tax for you. If it looks wrong, then go back and amend your figures before you submit it.

Well, you do need to attach the detail of costs and proceeds for each asset. For a simple, single purchase and then sale of an income-bearing fund or share, there's a sample page to fill out, but if it's more complicated than that (eg you added to it after the initial purchase but before the sale, or it is an accumulation fund), you need to document the details yourself, in whatever way you think will satisfy HMRC.

I stand corrected!

Boleyn19

I have managed to get through to HMRC. I just need to put the total gains for each UT and, as disposals were spread out over the year, the date of sale as the last day of the financial year. I can attach the reports just in case they ever want to look into it.
Phew.