What happens after submitting a PAPER self assessment tax return to HMRC ?

Dazed_and_C0nfused

ljayljay said:

eskbanker said:

If you're anticipating owing HMRC money, why are you in such a rush to pay it?  The longer you have the money, the more interest you can earn on it, in true MSE style....

Interesting.

I was going to check this out. I don't normally do a self assessment so not experienced in the process. However, I will need to complete for 24/25 to pay CGT on land sale.
 
So, just to confirm will payment of CGT be required automatically on completion of SA? Or can you choose to delay payment until later in the TY?

If the former, like you say, I may as well delay for a few months.

Payment dates for Self Assessment are usually fixed.

If you register and file on time the due date for a 2024-25 Balancing Payment (which is what your CGT would be part of all of) would be 31 January 2026.

[Deleted User]

ljayljay said:

eskbanker said:

If you're anticipating owing HMRC money, why are you in such a rush to pay it?  The longer you have the money, the more interest you can earn on it, in true MSE style....

Interesting.

I was going to check this out. I don't normally do a self assessment so not experienced in the process. However, I will need to complete for 24/25 to pay CGT on land sale.
 
So, just to confirm will payment of CGT be required automatically on completion of SA? Or can you choose to delay payment until later in the TY?

If the former, like you say, I may as well delay for a few months.

Are you not required to report CGT on land and property,and pay any tax due thereon, within 70 days of disposal?

Or does this only apply to property (bit removed from this now)

https://www.litrg.org.uk/savings-property/capital-gains-tax/capital-gains-tax-reporting#2

ljayljay

Dazed_and_C0nfused said:

ljayljay said:

eskbanker said:

If you're anticipating owing HMRC money, why are you in such a rush to pay it?  The longer you have the money, the more interest you can earn on it, in true MSE style....

Interesting.

I was going to check this out. I don't normally do a self assessment so not experienced in the process. However, I will need to complete for 24/25 to pay CGT on land sale.
 
So, just to confirm will payment of CGT be required automatically on completion of SA? Or can you choose to delay payment until later in the TY?

If the former, like you say, I may as well delay for a few months.

Payment dates for Self Assessment are usually fixed.

If you register and file on time the due date for a 2024-25 Balancing Payment (which is what your CGT would be part of all of) would be 31 January 2026.

So, just to be clear. 

Even if I complete SA now I will have until the deadline 31/1/26 to pay CGT? I calculate CGT in the region of £7/8K. I have already received the prompt from HMRC to do a SA for 24/25.

Are you not required to report CGT on land and property,and pay any tax due thereon, within 70 days of disposal?

Or does this only apply to property (bit removed from this now)

https://www.litrg.org.uk/savings-property/capital-gains-tax/capital-gains-tax-reporting#2

I believe not. 

If you look at your own link you only need to declare within 60 days if residential property or land if you are non resident.

ljayljay

Perhaps you are correct - this is the paragraph to which I was referring. 

UK land and property – 60-day reporting

If you make a disposal of UK land and property, you may also need to report the disposal of the property to HMRC on a separate 60-day reporting form and pay CGT within 60 days of the date of completion.

Yes, probably not very clear but think the important bit is 'UK land and property' this doesn't apply if 'land only'.

This is clearer in the table within the link you have posted.

Table A

UK tax residence status	Asset type	Required to report the disposal within 60 days?	Deadline for paying tax
Resident	UK residential property	Only if there is tax to pay	60 days
	Anything other than UK residential property	No	31 January following the end of the tax year
Non-resident	UK land and property	Yes	60 days*
	Anything other than UK land and property	No	N/A

[Deleted User]

ljayljay said:

Perhaps you are correct - this is the paragraph to which I was referring. 

UK land and property – 60-day reporting

If you make a disposal of UK land and property, you may also need to report the disposal of the property to HMRC on a separate 60-day reporting form and pay CGT within 60 days of the date of completion.

Yes, probably not very clear but think the important bit is 'UK land and property' this doesn't apply if 'land only'.

This is clearer in the table within the link you have posted.

Table A

UK tax residence status	Asset type	Required to report the disposal within 60 days?	Deadline for paying tax
Resident	UK residential property	Only if there is tax to pay	60 days
	Anything other than UK residential property	No	31 January following the end of the tax year
Non-resident	UK land and property	Yes	60 days*
	Anything other than UK land and property	No	N/A

Yes - I have just read that and deleted my post - too late it seems!🙂