Discussion
I would say that completing any tax return is never straightforward.
The problem is that the underlying tax rules are complex, even if the form looks like it is "merely" a question of filling in some boxes.
Capital Gains Tax is notoriously complex. I would suggest that you get in touch with an accountant or a tax adviser - but then, I would
Just to let you know, I am currently reviewing a 2012/13 tax return for someone who had submitted his own for a number of years but has now got himself into a bit of a mess - and a dispute - with HMRC, which may have been avoided if they had used an accountant.
HMRC will TRY to track people down. However, the responsibility for keeping them up to date is ALWAYS with the taxpayer.
The problem is that the underlying tax rules are complex, even if the form looks like it is "merely" a question of filling in some boxes.
Capital Gains Tax is notoriously complex. I would suggest that you get in touch with an accountant or a tax adviser - but then, I would
Just to let you know, I am currently reviewing a 2012/13 tax return for someone who had submitted his own for a number of years but has now got himself into a bit of a mess - and a dispute - with HMRC, which may have been avoided if they had used an accountant.
HMRC will TRY to track people down. However, the responsibility for keeping them up to date is ALWAYS with the taxpayer.
Eric Mc said:
However, if you have formally notified HMRC that you need to complete a 2012/13 tax return NOW, they MAY give you a 90 day window from the date you notified them to get the return in without incurring a penalty. You will need to move quickly on this. The first thing you need is a Self Assessment Unique Tax Reference (known as the UTR) as you can only submit a Self Assessment tax return when you have that number. If you haven't formally asked for that number, I would do it now.
EricI bet you a virtual pint that the OP will DEFINITELY receive a £100 late filing penalty IF he needs to file a return - he will have missed the deadline and he didn't notify changeability by 5th October 2013.
If the gains were below the annual exemption and the gross sales proceeds below £41k (from memory) then no return will be required - the pertinent point being whether the OP can calculate the gain correctly himself.
Whether he has interest as well as a late-payment surcharge depends on whether his gain his sufficiently large to actually have any CGT to pay.
David
I tick all of those boxes, which is a shame. I doubt I will get caught out like this again!
Although saying that, it looks like I've been on 'week 1' tax since July for some reason - so even the PAYE isnt bloody right.
I just want to earn a living, pay a fair amount of tax and get on with it. Seems that is rather hard.
Although saying that, it looks like I've been on 'week 1' tax since July for some reason - so even the PAYE isnt bloody right.
I just want to earn a living, pay a fair amount of tax and get on with it. Seems that is rather hard.
PAYE is often wrong - so signing up for Self Assessment may be a worthwhile thing to do anyway just so that you can make sure HMRC and your employers are getting it right or so you can sort out any errors that they may have made.
I would suggest that there are more people paying the wrong tax under PAYE than there are under Self Assessment.
I would suggest that there are more people paying the wrong tax under PAYE than there are under Self Assessment.
matrignano said:
They have been receiving my P60 with correct address since 2011 and it takes them 3 years to realise? Don't they have some kind of duty of care?
Mr Taxman has better things to do than check the address on every P60 and send out reminders.As has been mentioned earlier in this thread UK law says taxpayers are responsible for properly declaring their own income and capital gains. IMO you need to get the tax calculated and paid to HMRC as soon as possible, even if your formal return follows later. This is the only way I know to stop the interest charge continuing to build up.
Eric Mc said:
I would say that completing any tax return is never straightforward.
The problem is that the underlying tax rules are complex, even if the form looks like it is "merely" a question of filling in some boxes.
Capital Gains Tax is notoriously complex. I would suggest that you get in touch with an accountant or a tax adviser - but then, I would
The problem is that the underlying tax rules are complex, even if the form looks like it is "merely" a question of filling in some boxes.
Capital Gains Tax is notoriously complex. I would suggest that you get in touch with an accountant or a tax adviser - but then, I would
I completed my SA online yesterday. No problem.
When I do my wife's SA tomorrow and I have to fill in the self employed income pages I will be on the phone to the Accountant with the recently-finalised Accounts (took 3 hours to do) and they will ensure the correct numbers are put in the correct boxes
Eric Mc said:
I completed mine yesterday as well - although I won't be submitting it for a couple of weeks.
I just phoned HMRC for an SA302 (moving house soon) and the lovely lady stated that I was far too early for those kind of things as the year was only 4 days old.
Then she looked at her screen. It's on its way
For HMRC today their own tax system is too complex for most of their own people to understand. Hence there are specific offices devoted to specialist areas, but those offices are expensive to run and Mr Taxman much prefers,
- Employers to do most of the work through PAYE,
- Companies and banks to withhold tax on dividends and interest, and
- HMRC automatic computers to deal with the rest.
Maxf said:
What is the interest charge for late payments? It looks online like its 3%, but this seems low - unless its not per annum.
You will also have a 5% surcharge of any of the 2012/13 liability that was unpaid on 2 March 2014 - this too attracts interest after 30 days.Sorry!
David
sumo69 said:
Maxf said:
What is the interest charge for late payments? It looks online like its 3%, but this seems low - unless its not per annum.
You will also have a 5% surcharge of any of the 2012/13 liability that was unpaid on 2 March 2014 - this too attracts interest after 30 days.Sorry!
David
s. I think I'd have been better off taking my chances and sticking it in an ISA on the off chance that they found out about it - there is certainly very little incentive to 'come clean'.Gassing Station | Finance | Top of Page | What's New | My Stuff