31 January is the Groundhog Day of the Self-Assessment system for income tax and CGT. 31 January 2006 was the last possible date for:
- Taxpayers to submit their returns for 2004/05
- Taxpayers to “repair” – that is, amend – their returns for 2003/04
- Tax Inspectors to open an Enquiry into tax returns for 2003/04
- Make sure that the return includes a statement that a valuation has been used (for capital gains tax, there is a box to tick), say who did the valuation, and enclose a copy of the valuation report. If you estimated the value yourself, say so, and explain how you arrived at your estimate.
- Alternatively, you can ask the Revenue to agree the valuation before you submit your return – ask for a Form CG 34 from your local tax office, or download it from HMRC’s website. Note that you can only do this after the transaction has taken place, and before the filing date for your return. It can take some time – HMRC recommend allowing at least eight weeks before your return is due on 31 January.
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