andrew

My wife started letting a furnished holiday let in March 2023. In the 2023/4 tax year but didn't receive income from the FHL over £1000 so didn;t need to complete a self assessment. However, the income in the 2024/5 tax year does require a self assessment to be completed. She registered for self assessment for the first time in May 2025 and received a letter from HMRC saying requestring her to complete a self assessment for the tax year 2024/5 and providing her UTR. However, when she logged into her online account, in addition to the 2024/5 self assessment being available there was also one for 2023/4 which was marked as "late". Having never needed to complete a self assessment before and not meeting the criteria for needing to in 2023/4, does she still need to complete the 2023/4 self assessment and will it be regarded as "late" even though she wasn't registered for self assessment untill May this year?

In tax year 23/24 my wife and I disposed of 25% (ie 12.5% wach) equity of a property (total current market valued of £175k) by gift to our son. In accordance with advice received on this forum we both completed CGT declarations and returns via our personal HMRC Capital Gains Accounts for our portion of the transfer and and the calulations showed no CGT was payable since the total gain on each of our portions of the gift was less than the 6k annual allowance applicable at the time. HMRC acknowledged the CGT returns and our accounts show nothing is payable for this disposal. I would like to confirm my understanding on a couple of points: (a) Firstly, I submit an annual tax self assessment to HMRC. I had no other capital gains in 23/24 and want to confirm that I do not need to declare this disposal on my 23/24 self assessment form as the values of the asset I disposed of (12.5% of 175k) was less than 50k and the CGT on this disposal was less than 6k. Can you confirm my interpretation is correct before I submit my self assessment form, please. (b) Secondly, my wife doesn't submit a self assessment form and never has as her income status has never necessitated it. Does she now need to submit a self assessment for 23/24 to address the disposal of her portion of the property (which has also been reported in her CGT Account with HMRC, been acknowledged and shows no payment due). I don't think she does for the same reasons as in (a) but want to confirm my understanding as we would then need to apply for a UTR for her to complete a self assessment. Thank you in advance for your response.