if i sold my property june 2009

[pukkapig]

do i have to declare this within capital gains on this online tax return as i thought this is for the period april 08 to april 09, so i would imagine this would need to be filed next year. i am questioning this as i used to have an accountant do my tax but have had to now do it myself, but before i decided this he was asking for info about the sale etc, if you can help that would be great
thank you

[Whoever]

The tax returns which have to be filed imminently i.e. by the end of January 2010, are for transactions/income etc received during the tax year ending 4th April 2008. The current tax year started on April 6th 2009; therefore your property sale still falls within the current tax year which will not end until April 4th 2010. These tax years do cause a lot of confusion. In many ways it would be help if tax returns could be related to calendar years, i.e. January to December, but that would be far too simple !
Incidentally, if the property you sold was your main residence, it will not be subject to capital gains tax. If it was your second home, or a buy-to-let property, obviously it is subject to tax.

[pukkapig]

thats great thank you for your help, this is what i thought, but why would my accountant need to see the sale info, it just confused me, i cant ask him and not on great terms with him, due to the fact i am opting to do it myself and save the fees he charges..

[Skyline D]

The tax year end is 5th April, not 4th April as stated.

[pukkapig]

just to enhance on this, if i receive a rental payment on 3 april 2009, yet the mortgage i pay is mid month, can i include this rental payment on next years return with that months mortgage, as i have submitted last year rent from 3 april 2008, as these are the payments and expenses for april 2008?

[pukkapig]

re the capital gains exemption bit, i may be as lived in it 3 years then rented it for almost 3 years, but will still declare all this information, my other question at the end relates to the rental payments i need to declare, the tax year in 6 april 2008- 5 april 2009, so i am taking my rental payments for the month april 08- end march 09, as i received a payment on 3 april 2009, but this in respect of the mortgagte due april 2009, so this is next years tax return, its just 3 april 2009 is before 5 april 2009 so would seem to need to be on this years but wanted to check, thanks

[Skyline D]

The actual date of payment is irrelevant. The relevance is the period it refers to.

Technically it would appear to be 5/30ths of it should be included in the return (It refers to April and 5 days of April are in the last tax year). In practice I doubt anyone would lose a lot of sleep over it if those five days were accounted for next year.

The mortgage is completely irrelevant and mortgage payments are not a deductible expense on a tax return. You do know that right? A mortgage payment (or at least the capital element of it) is you repaying a loan. It isn't a taxable expense. You would be allowed to deduct mortgage interest though.