HM Revenue and Customs Simplifies Capital Gains Reporting – You Must be Joking!

30 April 2007

HM Revenue and Customs has simplified the Self Assessment Capital Gains supplementary page for the 2007/08 filing year.

The data required is merely a summary of the year’s position; one figure for total gains (pre losses), the same losses data as currently, and then one entry for ‘total gains after losses and taper’ together with a breakdown of the asset types the total gains have arisen on – similar in detail to that covered by page one of the current SA108. Digita Product Manager Paul Duffield said:

"On the face of it, a vast reduction in the current reporting requirements, were it not for the instruction ‘You MUST enclose your computations, as well as filling in the boxes’."
"But this is no joke as from April 2008 your own capital gains computations must be attached to the tax return in PDF format giving the detailed breakdown of how the gains and losses have arisen, providing significantly more information than the data covered by pages 2 to 8 of the current SA108."
"This requirement will cause an administrative burden on any practice involving considerable time input unless they have software that can cope with HM Revenue and Custom’s requirement for detailed computations."
Help is at hand however with the launch of Digita Capital Gains. In addition to asset monitoring and gain computation on any asset type, the new software incorporates an advanced reporting tool that produces the HM Revenue and Customs required reports in PDF format automatically.

Paul Duffield added:

"At Digita, our software development is focused on lifting the burden of administrative detail so that practitioners can maximise their fee-earning time."

You can register your interest in Digita Capital Gains by completing the Contact Me form or by calling the Sales Team on 01395 270 311.

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