Question archive: self assessment
Do I have to declare profits on my small share portfolio on my annual tax return?
There are two types of 'profit' that may arise with a share portfolio:
Firstly, profits received in the way of dividend payments. These have to be declared on the appropriate page of your tax return.
Secondly, profits made when the share holdings are disposed of. These may need to be declared if the net gain is in excess of the annual capital gains tax exemption. If your disposal proceeds, minus the costs of purchase and disposal (adjusted for indexation allowance and taper relief, if applicable), is below this limit, and the total proceeds you received are below twice the capital gains annual exemption you do not need to report it to the Inland Revenue. Otherwise you will need to complete the capital gains tax pages of your return.
Do I have to pay tax on maintenance payments received from my husband under a Consent Order?
Maintenance of all kinds was made non-taxable since April 2000, so there's no need to declare it.
Do I need to show details of the income from my PEPs and TESSAs on my tax return?
The income from your PEPs and TESSAs does not need to be shown on the return unless you closed your TESSA within five years from opening the account or if you withdrew more than £180 from cash held within your PEP.
The Revenue can seek permission from the Commissioners to issue a Section 20 Notice. This can be used to obtain 3rd party info but they would only normally use these powers in exceptional circumstances.
You will only need to complete a Tax Return in three circumstances:
if you are liable to tax at the higher rate
if you have any untaxed income, or
if you are in receipt of investment income and your total income from all sources exceeds the basic rate tax band.
If in doubt, contact the Tax Office shown on your form P60.
Yes. Tax will be due on the profit over your building costs.
Generally, the tax will be due for the tax year ended 5th April in which the sale is made, and the tax will be payable on the 31st January after that.
There may be variations on these dates, depending on how the house-building business is set up (self-employed, Ltd Company etc) but your accountant will give you the exact relevant dates.
If you need to fill in a tax return form will this automatically be sent out to you?
Normally if you are issued with a tax return for one year, you will be issued with another return the following year - unless you are advised that you will not be issued with one in the future. This would happen if you fell outside of the self-assessment regime.
However, if you have not prepared a tax return before and you feel you should, then you need to contact your local tax office to request a self-assessment tax return form.
Is it possible to amend my tax return after it has been submitted?
Yes it is. You have one year from the filing date of 31st January in which to make any amendments to the return. However, if additional tax becomes payable because of the amendment, you will be charged interest on the underpayment of tax.
If you have been sent a self-assessment tax return then I'm afraid you must complete it and send it in. You have almost certainly received it because you have bed & breakfast income to declare; your other income probably all being taxed at source.
This page was last reviewed on 07 April 2005. The information may not reflect changes in legislation made after this date.
This is only a guide to your tax position and should not be relied on in place of professional accounting or tax advice. Any calculated figures are illustrative and are based on the data you provided.
