HMRC Admin 19 Response

Hi user457587,

The business name is normally your own name. selling online is still classed as trading when done on a regular basis.

Thank you.

Hi,

You should amend it as soon as you know the correct figure and this should be prior to 31 January 2025.

Thank you.

Hi Gojo2 Anon,

It still needs to be declared under the capital gains section as unlisted shares, this then allows it to be set against other income. You can see guidance here at box 41:

Capital Gains Summary notes

Thank you.

Hi,

You can see guidance here:

Set up as a sole trader

Thank you.

Hi,

1. Based on your figures, the payment due on 31 January 2024 is £1800.   
2. Yes, you can, but you need to put in the fiure you think it will be. This would then change the payment to be made at 1 above.
3. No, the expenses are for 2021 to 2022 and you would need to amend the return for 2021 to 2022 to show these and then create a loss. This loss can then be used as loss brought forward and used in 2022 to 2023

Thank you.

Hi,

You can see guidance here:

Check if you’ve gone above the money purchase annual allowance

Thank you.

Hi,

Yes, this is now income of the business. You can see guidance here:

Capital allowances when you sell an asset

Thank you.

Hi,

Any amount over the tax free amount will be taxed in the same way.

Thank you.

Hi,

No, you need to report the total disposal proceeds and any costs incurred to then show the gains and losses that have occured. You can attach a pdf document to show how you worked out your figures but as you are filing online, there is no manual intervention so this would not be looked at unless your return was selected for a review.

Thank you.

Hi,

The following guidance includes a helpsheet to allow you to work out your figures.

Tax when you sell property

As you did not live in the property for the whole period of ownership, a gain will be likely. You are both liable for 50 percent each.

Thank you.