Capital gains tax pages in self assessment -questions on the calulation details required

otherwayup

This guys online calculator is excellent.  Just put your trades in the format/spreadsheet as per his examples and cut paste them into the online calculator.

https://cgtcalculator.com/calculator.aspx

Jordan72

Yes, I've been using that calculator (https://cgtcalculator.com/calculator.aspx) for many years - it's simple, it's free and it works. Just make sure you carefully check your input is in exactly the right format. I've never had any dispute from HMRC yet. 

One thing to remember - even if your Capital Gains profit is less than £3K, you still have to make a declaration if the total value of your disposals in the tax year is more than 4 x that amount (i.e. £12K).

Also you should submit any capital losses (any amount) so that you can use them to offset gains in future years (there's no time limit on using the losses, but you have to report them within, I think, 3 years).

EthicsGradient

Jordan72 said:

Yes, I've been using that calculator (https://cgtcalculator.com/calculator.aspx) for many years - it's simple, it's free and it works. Just make sure you carefully check your input is in exactly the right format. I've never had any dispute from HMRC yet. 

One thing to remember - even if your Capital Gains profit is less than £3K, you still have to make a declaration if the total value of your disposals in the tax year is more than 4 x that amount (i.e. £12K).

Also you should submit any capital losses (any amount) so that you can use them to offset gains in future years (there's no time limit on using the losses, but you have to report them within, I think, 3 years).

No, it's no longer "4 times the allowance" - when they drastically cut the allowance, they made the reporting amount £50k (roughly the £49,200 it was before the cut).

ColdIron

Jordan72 said:

One thing to remember - even if your Capital Gains profit is less than £3K, you still have to make a declaration if the total value of your disposals in the tax year is more than 4 x that amount (i.e. £12K).

No. It used to be 4 * £12,300 but since the reduction to £3,000 it has been set at £50,000 and even then only if you also self assess. It has never been £12,000

You still need to report your gains in your tax return if both of the following apply:

• the total amount you sold the assets for was more than £50,000
• you’re registered for Self Assessment

https://www.gov.uk/capital-gains-tax/work-out-need-to-pay