Self assessment and reporting a house sale.

thenap80

Earlier in the year, I sold a house and because I let it out for a few years, I paid CGT on it - I paid this already as time limit is 60 days. 
Coming to do my annual Self Assessment (due 31st Jan), it is asking me if I sold a chargeabe asset, which I assume includes my house, so I click yes!
Then it is again asking for some caculations I made back when I already paid my CGT. And then clicking through, It is asking me to pay hefty tax on the sale - as well as a small amount of rent i received before I sold. 
Why am I being asked to fill in all the calculations again and pay tax again. SHould I just be clicking ''NO'' somewhere? 

35har1old

thenap80 said:

Earlier in the year, I sold a house and because I let it out for a few years, I paid CGT on it - I paid this already as time limit is 60 days. 
Coming to do my annual Self Assessment (due 31st Jan), it is asking me if I sold a chargeabe asset, which I assume includes my house, so I click yes!
Then it is again asking for some caculations I made back when I already paid my CGT. And then clicking through, It is asking me to pay hefty tax on the sale - as well as a small amount of rent i received before I sold. 
Why am I being asked to fill in all the calculations again and pay tax again. SHould I just be clicking ''NO'' somewhere? 

Same boat as you as.  Accountant said must be stated on your next self assessment 

Bookworm105

until you submit your self assessment there is no confirmation of what your actual total taxable income is for the tax year 

without that figure it is not possible to confirm how much of the gain falls within the £37,700 lower rate tax band. for your CGT calculation. You may therefore indeed end up having under or overpaid CGT at 24% when you submitted and paid within the 60 day limit.

there is a box on SA where you report tax already paid on property sale.
Therefore the self assessment will automatically work out if there is a net difference - CGT under or overpaid!

does no one ever read instructions any longer?
Capital Gains Summary notes


Report and pay your Capital Gains Tax: If you sold a property in the UK on or after 6 April 2020 - GOV.UK

If you’re already registered for Self Assessment, you’ll also need to include details of the sale in your Self Assessment tax return

thenap80

Troube is, it is saying I under paid as it is asking me to pay 30k tax. It should be zero. I am using the Gain made via the time apportion method as I read up on. I guess the system isn't knowinhg that. 

Nomunnofun1

thenap80 said:

Troube is, it is saying I under paid as it is asking me to pay 30k tax. It should be zero. I am using the Gain made via the time apportion method as I read up on. I guess the system isn't knowinhg that. 

Are you sure that you are completing correctly? Have you claimed the relief amount relevant to PPR in the correct box?

Bookworm105

thenap80 said:

Troube is, it is saying I under paid as it is asking me to pay 30k tax. It should be zero. I am using the Gain made via the time apportion method as I read up on. I guess the system isn't knowinhg that. 

having read the notes link above, tell us what figures you put in each box number so we can see where you got it wrong

dinosaur66

i had this a few years ago

when i put in the figures my overall tax bill was 10k more than i worked it out it should be 

before i submitted my return i rang hmrc and explained to them a similar situation to yours

they told me to submit the figures as i had them and they would automatically adjust them

i did this and about 2 weeks later from memory the tax return total changed with the 10k taken out.

but i think i checked every single day worried about it until it came through.

Nomunnofun1

dinosaur66 said:

i had this a few years ago

when i put in the figures my overall tax bill was 10k more than i worked it out it should be 

before i submitted my return i rang hmrc and explained to them a similar situation to yours

they told me to submit the figures as i had them and they would automatically adjust them

i did this and about 2 weeks later from memory the tax return total changed with the 10k taken out.

but i think i checked every single day worried about it until it came through.

You also made an error. HMRC can and will make corrections to the return which are obvious errors. 

For example, an employment salary could be mistyped - HMRC will correct to reflect the information that they hold. 

thenap80

Thanks for all replies 
I think perhaps it is because I am trying to do on HMRC whereas I completed my house sale as a non Uk resident. So I managed to work out the gain a different way and ultimately I paid less tax than I would have done if living in UK. 

I am seeing i have to go to an external website to complete the return because I live abroad. Maybe then it will realise I had different circumstances!!!!!