*** My income after expenses is only around 6,000 per year,
So even ignoring residential property finance relief I will only have used around 50% of my personal allowance, if take of residential property finance first also then my taxable income will be around 3,000 so even more of my personal allowance is unused
I am using HMRC online calculator - Calculate your Non-Resident Capital Gains Tax
What was your total UK income in the tax year when you stopped owning the property? - using the advice given above I put ZERO.
What was your UK Personal Allowance in the tax year when you stopped owning the property? I put 12,570
Is it assuming then I used all my personal allowance? (I haven't).
It hasn't asked me how much of my personal allowance is left or what other reliefs I am using.
As I said asked earlier and you said it was correct, I took my rent income (my only income), minus personal allowance, minus Residential property finance cost relief, which results in a negative figure so I put Zero as my income.
I had been using my income before taking off my Personal Allowance and Residential property finance cost relief,
Just another Q about the rates.
I understand that the CGT rate on property is charged on the gain depending on your income band,
18% for basic rate tax payers and 28% for higher rate tax payers.
The basic rate band is for earnings to 50,270, I have no other income in the tax year (from what we discussed in my earlier messages).
But I noticed it looks like if the CGT taxable gain is under 37,700 then I am charged at basic tax payer rate 18%, but for the proportion of the gain over 37,700 I am charged higher rate of 28%.
Shouldn't the first 50,270 be charged at 18% rate? (looks like the 37,700 is the 50,270 limit minus personal allowance 12,570).
I don't understand why this is the case, I must be misunderstanding something?
Just to add I have since found this https://www.gov.uk/capital-gains-tax/rates, which says...
"Work out how much taxable income you have - this is your income minus your Personal Allowance and any other Income Tax reliefs you’re entitled to."
So if I understand this right for my case, it would be Box 40 (taxable income), minus personal allowance, minus Box 44 (Residential property finance cost relief)
That would be a negative amount for me, so my income for the NR CGT calculation would be Zero, is that right?
Hello, I have a question about the NR CGT online calculator.
It asks 'What was your total UK income in the tax year when you stopped owning the property?'
My only source of income is/was the rent, What is the income figure they need?
I am looking at SA105 Property pages of the Tax return,
Box 40 Taxable profit for the year
Box 44 Residential property finance cost
Is my income that I need to show on the NRCGT calculation the figure in Box 40, or Box40 minus Box 44 (which is the actual amount I pay tax on)?
Would be better for everyone if HMRC allowed me to submit the forms electronically, HMRC are paying to have the documents scanned when I could have just sent them electronically to you myself.
Will I get a notification once its scanned into the system, confirming you have got it?
What happens if you have still not done if after the paper return deadline, I sent it to you in June by registered post?
I sent my 21/22 self-assessment and SA109, plus a covering letter and some back dated SA109 that HMRC advised by registered post on 20 June 22, I am not in the UK but the package was signed for on 12 July.
I've heard nothing since and have called HMRC a few times already.
On 26 July I was told that it would be marked as a priority to be scanned and put into the system, and they took the registered post number from me.
By 2 Sept I called again, I was told they would make a 'white paper scan request', they said the last time they had not requested that just that it was only marked as a priority.
Still heard nothing and nothing on my online account, it's pretty expensive to keep calling the UK.
How long until I get some response??
Its the first time I have done it by post, The deadline for paper returns is not far away.
Could you confirm which UK address I should send a paper tax return to?
I am overseas but well as the current tax return documents there is extra SA109 and covering letter that was missed from earlier return (as advised by technical officer by phone) - Thanks.
Could you also confirm which address I should sent to, I am overseas but am sending as well as the current tax return, SA109 that was missed from earlier return (as advised by technical officer by phone) - Thanks.
I have today called the helpline again,
the technical officer this time confirmed tick box 16 and fill in country code in 17 (doesn't matter you are not a permanent resident its just where you live)
He confirmed I should also fill in 18.