Tax Return

[edadam]

I recently made a CGT tax return. I decided to go into the tax office the week before to check out how to fill out the forms etc... Anyway, I sent off the form,cheque and accompanying letter. The cheque was cashed several days later but I have not received any correspondence. Is this normal and can I assume that all is OK with the return ?

 

[ClubMan]

You should eventually receive a CGT payment receipt. They don't seem to send anything else to say that the return has been accepted and that all liabilities have been discharged. If necessary write or call them inquiring about the status of the return and the issuance of the receipt.

 

[Ham Slicer]

It's unlikely you will actually get a receipt. Give them a call and ask for confirmation that they have your funds. If so, you don't really need a receipt.

CGT assessments normally take longer to issue than income tax assessments so you might have a while longer to wait.

 

[ClubMan]

It's unlikely you will actually get a receipt.

I automatically received a receipt for my First Active takeover CGT return and payment. They made a mistake on it (attributed it to the wrong tax year) and issued a corrected receipt when I pointed this out to them. I then realised that I had made an incorrect return (they never got back to me about this - I had not correctly understood the implications of the earlier FA capital repayment to shareholders and how previously incurred losses and part of the acquisition costs had to be offset against this) so I made a corrected return and received another receipt. They don't seem to provide any confirmation that returns are correct and all liabilities discharged.

 

[edadam]

Thanks for the replies guys. Interestingly when I went into the tax office and went through my figures with the girl I explained that I did not have confirmation of the price I paid for my house back in '98. I asked whether they would expect some documentation and she said "we just take what you tell us". I did not delve deeper but it appeard to me that once the stuff looks reasonably OK they just accept. I susect that they neither have the resources or inclination to investigate most claims.

 

[ClubMan]

I did not delve deeper but it appeard to me that once the stuff looks reasonably OK they just accept. I susect that they neither have the resources or inclination to investigate most claims.

I suspect that this is the case too and that once a claim is filed in good faith, with no major errors and with reasonable calculations (I included detailed calculations on a separate page with my FA CGT return to explain how I arrived at my liability) they will just accept it.

 

[stuart]

CGT like Income Tax is a self assessment tax so unless something is obviuosly wrong they will probably not query anything

But like all self assesment taxes there is a possibility of an audit on the figures at a later date

stuart@buyingtolet.ie

 

[edadam]

Thought you might want to know - I just got confirmation from revenue today of receipt of my CGT payment and confirmation that my total CGT tax due for 2005 is €0. I suppose that means they are ok with my return.