Hi guys,
Looking for a bit of advice on submitting Self Assessment Tax Return (SATR). Never done one before and long ceased paying my Limited Company provider so I am on my own with this one.
I closed my Ltd Co in Feb 2020 and there was a net profit figure of GBP 8064 in it which I am treating as capital (asset upon closure). As this is under the exemption then I am hoping it is straight forward
Accountants have said this "You would then need to ensure you complete the personal tax return for the tax year, however as the gain will be below the capital exemption, then technically it could even be excluded when you file your personal tax return."
My questions are
1) Could it be excluded from my Tax Return? Can I simply omit the Capital Gains section? I have a feeling they will tell me anything now I am not paying them?
2) On The Capital gains section of SATR in which section should I disclose this?
Residential property and carried interest
Other property, assets and gains
Listed Shares
Unlisted Shares
Non-resident Capital Gains Tax (NRCGT) on UK property or land and indirect disposals
I am assuming the Unlisted Shares option. This has a box for Gains in the year, before losses: (optional) would this be the correct section to disclose this, should I wish?
Thanks
Phil
Looking for a bit of advice on submitting Self Assessment Tax Return (SATR). Never done one before and long ceased paying my Limited Company provider so I am on my own with this one.
I closed my Ltd Co in Feb 2020 and there was a net profit figure of GBP 8064 in it which I am treating as capital (asset upon closure). As this is under the exemption then I am hoping it is straight forward
Accountants have said this "You would then need to ensure you complete the personal tax return for the tax year, however as the gain will be below the capital exemption, then technically it could even be excluded when you file your personal tax return."
My questions are
1) Could it be excluded from my Tax Return? Can I simply omit the Capital Gains section? I have a feeling they will tell me anything now I am not paying them?
2) On The Capital gains section of SATR in which section should I disclose this?
Residential property and carried interest
Other property, assets and gains
Listed Shares
Unlisted Shares
Non-resident Capital Gains Tax (NRCGT) on UK property or land and indirect disposals
I am assuming the Unlisted Shares option. This has a box for Gains in the year, before losses: (optional) would this be the correct section to disclose this, should I wish?
Thanks
Phil
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