Capital gains calculation - Is my self assessment correct?

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Darren at Fox-Bartfield replied

16 January 2018, 14:39
Accountants

Originally posted by bluedrop View Post

Do you know an accountant who can do it for me?

Maybe
Leave a comment:
bluedrop replied

16 January 2018, 14:06
Originally posted by northernladuk View Post

Is all this worth saving a 100 quid over? What is your potential exposure if you get it wrong?

Do you know an accountant who can do it for me?
Leave a comment:
northernladuk replied

16 January 2018, 13:30
Is all this worth saving a 100 quid over? What is your potential exposure if you get it wrong?
Leave a comment:
bluedrop replied

16 January 2018, 13:29
Is this the correct section for capital gains? - "Other property, assets and gains"

Not "unlisted shares" ? As I got it from shares of a Limited Company ?

When I put it under "unlisted shares" - but it showed no ERL option in the drop down.
Leave a comment:
bluedrop replied

16 January 2018, 10:47
Originally posted by TheFaQQer View Post

When you setup the company, did you have any share capital? If you did then put those few pounds in box 16 as well - eg £100 if you had a share capital of 100 £1 shares etc. Every little helps and all that

Is the ERL code available in the drop down list (box 20 on the paper form) for what relief you are claiming? It used not to be there which caused errors when you came to submit because you need to enter the code to claim the relief. HMRC technical support are aware that it needed to be fixed but I don't know if they ever fixed it or not - their advice was to submit a paper return, but of course that deadline has passed now.

Don't forget to include the separate calculation sheet as well.

IANAA.

Thank you. Yes ERL code is available in the drop down list.
Leave a comment:
TheFaQQer replied

16 January 2018, 10:32
When you setup the company, did you have any share capital? If you did then put those few pounds in box 16 as well - eg £100 if you had a share capital of 100 £1 shares etc. Every little helps and all that

Is the ERL code available in the drop down list (box 20 on the paper form) for what relief you are claiming? It used not to be there which caused errors when you came to submit because you need to enter the code to claim the relief. HMRC technical support are aware that it needed to be fixed but I don't know if they ever fixed it or not - their advice was to submit a paper return, but of course that deadline has passed now.

Don't forget to include the separate calculation sheet as well.

IANAA.
Leave a comment:
bluedrop started a topic Capital gains calculation - Is my self assessment correct?

16 January 2018, 10:09
Capital gains calculation - Is my self assessment correct?

Hi all,
Please can someone from accounting background validate my calculations.

I closed my limited company via MVL. I am filling in my self assessment. I received say £120k as capital distribution (no other capital gains this year) .

Page 15 - under the section "Other property, assets and gains"
Box 14. Number of disposals = 1
Box 15. Disposal Proceeds = 120000
Box 16: Allowable costs = 0
Box 17: Gains in the year before losses = 108700
Box 20: Any claim/election = yes (Entrepreneurs relief)

Page 17 Loss and adjustments section
Box 50: Gains qualifying for ER (after 2010) = 108700

Is this correct? Did I choose the correct sections/boxes?
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