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The SA108 is a form that you have to fill in and attach to your main SA100 Self Assessment tax return if you need to declare and pay tax on capital gains from selling property, shares, crypto, or other assets for a profit.
You can download the SA108 from HMRC’s website – unless you submit your Self Assessment online, in which case you don’t need to worry about printing it, filling it, and mailing it to them. Also, if you file your tax return online instead of via post, you get a longer deadline – January 31st of the following year (instead of October 31st).
The tax-free allowance on Capital Gains Tax for 2023/2024 is £6000. Anything you earn beyond this will be liable for tax and must be declared and paid for using the SA108 form.
There’s a lot to navigate with your accounts, so let our team help you get set up! Our experts are well versed in Capital Gains Tax and accounting, so contact us today.