Disposals tab

This screen is accessed via the data input tab under capital gains within the tax return and is where you add and edit details of disposals in the tax year.

  • To add details of a disposal: click ‘Add disposal’.
  • To edit a disposal: click on its description.
  • To delete a disposal: click on its description to edit it, then click ‘Delete disposal’.

Adding and editing disposals

After clicking ‘+ Add disposal‘ a new window will open which needs to be completed.

  • Brief description of asset‘ Enter a brief description of the asset being disposed.
  • Type of asset‘ Choose from the drop down list the type of asset being disposed:
    • Residential property
    • Other land and property
    • Carried interest
    • Listed shares and securities
    • Unlisted shares and securities
    • Other assets.
  • Date of disposal’ Enter the date of disposal, which should be within the current tax year.
  • Proceeds‘ Enter the sale proceeds. If the sale is to a connected person you may need to enter the market value.

Costs etc

  • Date acquired’ Enter the date that the asset was acquired.
  • Cost‘ Enter the original acquisition cost. If not known, you may need to provide a market value estimate.

Acquisition & enhancement costs and allowable expenditure

You can enter any number of lines of acquisition cost and enhancement expenditure.

  • Description‘ Enter a brief description of the cost or allowable expenditure.
  • Amount’ Enter the amount.

Reliefs claimed

You may enter any number of reliefs claimed.

  • Description’ Enter a brief description of the relief (e.g. Personal Private Residence Relief)
  • Amount claimed’ Enter the amount of relief claimed.
  • ‘Type of claim/relief‘ This field is only available for individual Tax Returns from 2015. Select the type of claim or relief from the drop-down list.

To delete a line from a grid, click the ‘trash can’ button at the end of the line.

Calculated Gain/(Loss)

  • Calculated gain/(loss)’ This field will show the calculated gain or loss.
  • Override the calculated gain?’ Tick this box if you wish to override the gain calculated by Taxfiler.
  • ‘Net gain/(loss)’ If you have opted to override the calculated gain, enter the required figure.

Details

  • ‘Address of property’ This field is only shown when disposing of property. Click ‘Change address’ to choose the property address. Read more.
  • Qualifies for Entrepreneurs’ relief?’ Tick the box if the disposal qualifies for Entrepreneurs’ Relief. Current guidance from HMRC suggests that the Type of claim/ relief (above) should be set as ‘Other Assets’ when claiming entrepreneurs’ relief.
  • Estimate or valuation used?‘ Tick the box if an estimate or valuation was used.
  • CG34 submitted?’ Tick the box if a valuation was used and a CG34 has been submitted to HMRC. Note that Taxfiler does not currently produce a CG34.
  • Details of connected person‘ If the disposal was to a connected person, enter their name.

Using income losses against capital gains

Firstly, please ensure that you are making the best use of the losses before proceeding. Select the Capital gains tab from the data input screen Click on the Disposals tab, and enter the relevant information Click on the Capital Losses tab, and enter the amount of loss that you wish to set off against the […]

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Restricting access to clients

This feature is only available for multiuser accounts, it has been designed so that you can restrict user access for certain clients if required. Users with “edit client access” rights AND who have access to a client can assign or remove access rights via the Access tab on the client screen. The default is that […]

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User restrictions within Taxfiler

This function is only available for a multiuser license. Some functions within Taxfiler can be restricted from a user. From the SETTINGS icon select Users and select the user that you wish to edit Select Restrictions tab You will be presented with several functions which can be selected or removed via a tick box. For […]

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