Tax year - CGT - Credits

[TinpotTimmy]

Hi There,

Can you clarify please some small issues.

With regard to tax credits the year runs from Jan 1st to dec 31st.

With regards to cgt tax, I must make a return for 05 by Oct 31st 06. I reckon that this means that I must make a return for 06 by Oct 31st 07.

Is that correct ?

I'm but a novice at this. I assume that I can still make a return for 05 (didn't make a profit)

Thanks, Tinpot

 

[bazermc]

You must make a return every year by the 31 Oct following the year in which the gain arose, so for a gain in 2006 it must be filed by 31 Oct 07.

As for making payments the rules differ slightly:

The rules are:
For a gain made between 1 Jan and 30 Sept the tax is due to be paid before 31 Oct in the same year, just a payment not the return
For a gain made between 1 Oct and 31 Dec the tax is due to be paid before 31 Jan in the following year, again just a payment not a return.

Hope this makes sense to a novice?