The Lemon Fool

I did my simple online return on 10th April.

Today is 18th April and the site says "no forms etc... have been received".

No sight of my 18/19 tax return.

Where is it?

I have an email from them saying "Successful Receipt...."

I submitted mine online at 8am on 6th April. If I log on to my Personal Tax Account, Self Assessment area, it lets me view what I submitted, see the calculation and confirms I have no tax to pay.

Scott.

swill453 wrote:I submitted mine online at 8am on 6th April. If I log on to my Personal Tax Account, Self Assessment area, it lets me view what I submitted, see the calculation and confirms I have no tax to pay.

If I were to do my return that quickly then I would worry about getting amended documentation and need to redo my return.

I am pretty quick myself and usually have it done by the end of May. But I submit a paper return - I have no interest in having an online account with HMRC.

Lootman wrote:

swill453 wrote:I submitted mine online at 8am on 6th April. If I log on to my Personal Tax Account, Self Assessment area, it lets me view what I submitted, see the calculation and confirms I have no tax to pay.

If I were to do my return that quickly then I would worry about getting amended documentation and need to redo my return.

My affairs are simple enough that that could never be a possibility.

Just a thing to tick off the list, then go to sleep for another year.

Scott.

For what it's worth, I did mine online on 6th and received a statement/calculation via snail mail a couple of days ago.

My Self Assessment return is not in the least complicated but I need to do the dratted CGT calcs and for 2018/19 I will have a loss of £500 or so to carry forward thanks to the volatility of Imperial Brands and selling them to place them in an ISA. I find that takes time. I also have some tax liability for dividend tax. End of May is what I aim for as well. (The month that is not the politician)

Dod

Dod101 wrote: I also have some tax liability for dividend tax. End of May is what I aim for as well. (The month that is not the politician)

Although I keep running records of dividend receipts etc, I find the odd mistake will creep in. Accordingly I wait for the Broker's tax statement, which is usually sent mid to end June.

Alaric wrote:Although I keep running records of dividend receipts etc, I find the odd mistake will creep in. Accordingly I wait for the Broker's tax statement, which is usually sent mid to end June.

There's a Topic over at Brokers indicating that HSDL (and subsets) and Hargreaves Lansdown statements are already available online viewtopic.php?f=26&t=17418.

Perhaps you get yours in hard copy or are with those that seem to take forever (such as Barclays when I was with them).

PinkDalek wrote:Perhaps you get yours in hard copy or are with those that seem to take forever (such as Barclays when I was with them).

It's downloadable from the documents history with ii. They managed 8th May 2018, so about a week longer if they match last year.

Alaric wrote:

PinkDalek wrote:There's a Topic over at Brokers indicating that HSDL (and subsets) and Hargreaves Lansdown statements are already available online viewtopic.php?f=26&t=17418.

Perhaps you get yours in hard copy or are with those that seem to take forever (such as Barclays when I was with them).

It's downloadable from the documents history with ii. They managed 8th May 2018, so about a week longer if they match last year.

So which of your brokers takes until mid to end June?

PinkDalek wrote:So which of your brokers takes until mid to end June?

None of them in recent times. I meant May anyway, but first week of May is what ii/tdinvest have achieved.

Got it, thanks, I thought June was on the late side! Looking a year or so back, Barclays Stockbrokers used to send my hard copies in early May (albeit they weren't dated as such).

PinkDalek wrote:

Alaric wrote:

PinkDalek wrote:There's a Topic over at Brokers indicating that HSDL (and subsets) and Hargreaves Lansdown statements are already available online viewtopic.php?f=26&t=17418.

Perhaps you get yours in hard copy or are with those that seem to take forever (such as Barclays when I was with them).

It's downloadable from the documents history with ii. They managed 8th May 2018, so about a week longer if they match last year.

So which of your brokers takes until mid to end June?

Mine usually gets the annual tax pack out in mid-May (latest has been mid-June, but that was the year they were changing accounting systems). I'm told that one reason for the delay is to wait a month (30 days) for any shares that may be repurchased within the 30 day window and therefore affect the CGT.

yorkshirelad1 wrote: I'm told that one reason for the delay is to wait a month (30 days) for any shares that may be repurchased within the 30 day window and therefore affect the CGT.

Does that mean they send you a schedule of disposals as well? It isn't possible for a single Broker to calculate CGT reliably as they need to know about other possible holdings. I've always been reliant on Contract Notes for CGT plus additional investigations for share splits, returns of capital etc.

My tax affairs are quite simple, a few paper certificates with dividends and a check by me on the CGT position with the occasional withdrawal from my SIPP. I could not have mine ready for filing any time before the end of April. Anyone filing any earlier must have virtually nothing to declare. I will get mine done by the end of May but will of course file it online and then it is done in one go.

Dod

Dod101 wrote:... I could not have mine ready for filing any time before the end of April. Anyone filing any earlier must have virtually nothing to declare. ...

I don't need to rely on Broker statements to complete my schedules but am usually ready early April, once I've decided what additional charitable donations to make in 2019-20 to pull back into 2018-19 to maximise certain reliefs.

I don't think my paperwork can be construed as having "virtually nothing to declare", bearing in mind I need to return:

SA100 - Untaxed UK Interest, UK dividends, Pensions, Other UK income (Pids), Pension contributions and Charitable donations.
SA105 - UK property.
SA106 - Foreign dividends and Foreign Tax Credit Relief.
SA108 - Capital Gains Summary and individual computation working sheets. This year including a computation to split a gain between residential and non-residential in view of the 20%/28% CGT rates.

That having been said, this year I'm delaying submission for a couple of specific reasons not related to the figures themselves.

Alaric wrote:

yorkshirelad1 wrote: I'm told that one reason for the delay is to wait a month (30 days) for any shares that may be repurchased within the 30 day window and therefore affect the CGT.

Does that mean they send you a schedule of disposals as well? It isn't possible for a single Broker to calculate CGT reliably as they need to know about other possible holdings. I've always been reliant on Contract Notes for CGT plus additional investigations for share splits, returns of capital etc.

They do a schedule of acquisitions and disposals as much as they know. They don't actually do CGT, but the schedule they provide would be sufficient if there were no other brokers (as it happens, I use another broker for my ISA, but that's not CGT relevant), so I only have one "tax relevant" broker.

yorkshirelad1 wrote:

Alaric wrote:

yorkshirelad1 wrote: I'm told that one reason for the delay is to wait a month (30 days) for any shares that may be repurchased within the 30 day window and therefore affect the CGT.

Does that mean they send you a schedule of disposals as well? It isn't possible for a single Broker to calculate CGT reliably as they need to know about other possible holdings. I've always been reliant on Contract Notes for CGT plus additional investigations for share splits, returns of capital etc.

They do a schedule of acquisitions and disposals as much as they know. They don't actually do CGT, but the schedule they provide would be sufficient if there were no other brokers (as it happens, I use another broker for my ISA, but that's not CGT relevant), so I only have one "tax relevant" broker.

It is quite possible that a Broker's attempt at providing the remaining cost following a part disposal doesn't match the taxpayer's s104 pool carried forward. As an example, on a return of capital, they can't possibly know how the taxpayer has treated the proceeds where the possibility of it being treated as a Small capital distribution is in play.

I therefore appear to have at least three sources of information:

1. My own historical records.

2. My own schedule of s104 pools.

3. The broker figures per holding which often do not match 1 or 2.

Plus, on a forced transfer between brokers (thanks Barclays), the new broker starts with the market value on transfer (as against the historical cost or pool or whatever). Edit: On a fairly recent transfer I managed to get the Broker to change the detail they hold, so at least that one matches my records.

PinkDalek wrote:Plus, on a forced transfer between brokers (thanks Barclays), the new broker starts with the market value on transfer (as against the historical cost or pool or whatever). Edit: On a fairly recent transfer I managed to get the Broker to change the detail they hold, so at least that one matches my records.

The TD software (now used by ii) allows you to edit the book cost. That's useful if you transfer from another Broker or from certificates or if you don't think they have it right on share consolidations or demergers.

Alaric wrote:

PinkDalek wrote:Plus, on a forced transfer between brokers (thanks Barclays), the new broker starts with the market value on transfer (as against the historical cost or pool or whatever). Edit: On a fairly recent transfer I managed to get the Broker to change the detail they hold, so at least that one matches my records.

The TD software (now used by ii) allows you to edit the book cost. That's useful if you transfer from another Broker or from certificates or if you don't think they have it right on share consolidations or demergers.

TD/ii do a decent job of recording cost basis information, and they show it on the main holdings page. So I can mostly rely on that cost number and, upon a sale, I note that number along with the proceeds of course, and that drives my declaration of gains each year (important because that cost basis number disappears when you sell the entire holding!).

It seems to work fine for ordinary buys and sells, adjusting the cost basis appropriately. Where you have to be careful is with corporate actions as they don't always adjust the cost basis in some cases where they should. That's annoying.

I avoid 30-day situations so that is not a problem for me.

US brokers are legally required to provide cost basis, proceeds and gain/loss amount in the tax certificates they have to provide, so it is clearly possible for brokers to do this. I suspect that one day that will be a UK requirement, not least to try and stamp out fraud.