help capital gains tax

michael4343

i sold a house in march this year used hmrc tool to work out money owed have checked amounts 5 times same amount every time when i fill in my self easement with the same amounts hmrc say i have under payed on my capital gain but the numbers are the same 

Isthisforreal99

Give is a clue with some figures?

Could it be that some of the gain turned out to be taxable at 24% rather than 18%?

michael4343

 they is a difference between capital gains this was reported and payed but when doing self assessment numbers for capital gains are more 

capital gains form

 Your total gain

Value when you sold the property

£142,500

Minus the value of the property when you acquired it

£80,000

Minus all costs, including improvements

£3,215

Total gain

£59,285

Your deductions

Capital Gains Tax Annual Exempt Amount used

£3,000

Total deductions

£3,000

Your taxable gain

Total gain

£59,285

Minus deductions

£3,000

Taxable gain

£56,285

Your tax rate based on your Income Tax bands

£36,430 taxable gain multiplied by 18% tax rate

£6,557.40

£19,855 taxable gain multiplied by 24% tax rate

£4,765.20

Tax to pay

£11,322.59

self assessment  numbers 

UK pensions and state benefits	£15,100.00
Total income received	£15,100.00

minus Personal Allowance

£12,570.00

Total income on which tax is due

£2,530.00

How we have worked out your income tax

	Amount	Percentage	Total
Pay, pensions, profit etc. (UK rate for England and Northern Ireland)
Basic rate	£2,530.00	x 20%	£506.00
Income Tax due after allowances and reliefs			£506.00
minus Marriage Allowance Transfer	£1,260.00	x 20%	£252.00
Income Tax due after tax reductions	£254.00
Income Tax due	£254.00
minus Tax deducted
From all employments, UK pensions and state benefits	£249.60
Total tax deducted	£249.60
Total Income Tax due			£4.40
plus Capital Gains Tax
Residential property basic rate	£35,170.00	x 18%	£6,330.60
Residential property	£21,115.00	x 24%	£5,067.60
Taxable Capital Gains	£56,285.00
Capital Gains Tax	£11,398.20
Capital Gains Tax due	£11,398.20
Capital Gains Tax liability	£11,398.20
Total Capital Gains Tax due	£11,398.20
Income and Capital Gains Tax due			£11,402.60

MDMD

Original thread here https://forums.moneysavingexpert.com/discussion/6646007/help-capital-gains-tax#latest

DRS1

Isthisforreal99 said:

Give is a clue with some figures?

Could it be that some of the gain turned out to be taxable at 24% rather than 18%?

Having seen the numbers in the other thread it looks like that is exactly what happened..  Maybe something to do with Marriage allowance?

UnsureAboutthis

Could it be you have other investments, etc and you have forgotten, and/or mistakenly put the wrong figures in?
HMRC is increasingly using AI to track people's history
and can access saving accounts, council tax, Land Registry and a bit more
and then they cross-reference.

When I completed my/our self-assessment tax return a few months ago for 2024/25, a message came up
similar to yours on my and my OH's -  There was no CGT, not even a penny, so I logged out and back it, and the message never materialised again.

Btw - as you complete the CGT bit -  are there any tick boxes you need to tick and possibly ticking the wrong box?

I'd call the HMRC helpline, I'e found them helpful, but getting past the automated sytem was a nightmare as
I kept on getting cut off, ie wanting to speak to a "human" but it kept taking me down a different path and then ended the call.

UnsureAboutthis

DRS1 said:

Isthisforreal99 said:

Give is a clue with some figures?

Could it be that some of the gain turned out to be taxable at 24% rather than 18%?

Having seen the numbers in the other thread it looks like that is exactly what happened..  Maybe something to do with Marriage allowance?

But does the calculator not autmatically adjust tax levels, ie the first bit of CGT is this for you, and then the remaining bit is taxed at ...... ?

mybestattempt

UnsureAboutthis said:

Could it be you have other investments, etc and you have forgotten, and/or mistakenly put the wrong figures in?
HMRC is increasingly using AI to track people's history
and can access saving accounts, council tax, Land Registry and a bit more
and then they cross-reference.

When I completed my/our self-assessment tax return a few months ago for 2024/25, a message came up
similar to yours on my and my OH's -  There was no CGT, not even a penny, so I logged out and back it, and the message never materialised again.

Btw - as you complete the CGT bit -  are there any tick boxes you need to tick and possibly ticking the wrong box?

I'd call the HMRC helpline, I'e found them helpful, but getting past the automated sytem was a nightmare as
I kept on getting cut off, ie wanting to speak to a "human" but it kept taking me down a different path and then ended the call.

It's still self assessment.

As far as I'm aware you're not being tracked by AI while you're completing a return.

HMRC has had access to real intelligence for decades and uses it to check self assessment returns after they have been submitted/processed.


The 60 day capital gains return produces a notional capital gains tax charge based on the taxpayer's reasonable estimate of their taxable income for the tax year involved.

The self assessment return will/should include the actual taxable income which may well result in the finalised CGT charge being a different amount to the notional amount.

DRS1

UnsureAboutthis said:

DRS1 said:

Isthisforreal99 said:

Give is a clue with some figures?

Could it be that some of the gain turned out to be taxable at 24% rather than 18%?

Having seen the numbers in the other thread it looks like that is exactly what happened..  Maybe something to do with Marriage allowance?

But does the calculator not autmatically adjust tax levels, ie the first bit of CGT is this for you, and then the remaining bit is taxed at ...... ?

From the other thread it looks like the second calculation has more in the 24% band and less in the 18% band.  Either that is because the OP had lower income figures for the first calculation or it is something else (and I wondered if that something else was how the marriage allowance was accounted for - eg maybe the first calculation added it to the personal allowance perhaps).  I haven't used the calculator so I was just guessing.

michael4343

i have made a mistake on my capital gains tax i used my marriage allowance in my cancelations this was not right i owe 75.oo pounds should i just pay this on my self easement or should i  change  capital gains form or just pay with other tax due or should i phone  tax office

mybestattempt

michael4343 said:

i have made a mistake on my capital gains tax i used my marriage allowance in my cancelations this was not right i owe 75.oo pounds should i just pay this on my self easement or should i  change  capital gains form or just pay with other tax due or should i phone  tax office

This is your third thread about your Capital Gains Tax for 2024/25.

If I have pulled together the salient facts and figures correctly:

Your original (60 day report) Capital Gains Tax calculation created a notional charge of £11322.59. You don't need to change that now,
because you are making a self assessment return the error will be corrected.

Your self assessment Capital Gains Tax calculation of £11398.20 is the finalised position.

The additional Capital Gains Tax is £75.61.

You should submit your self assessment return and pay that £75.61, along with the income tax due of £4.40, a total of £80.01, by 31 January 2026.