HMRC puts the capital gains tax pages online

Date: 21st July 2008

Sole traders can now file the capital gains tax supplementary page on the internet using HM Revenue & Custom's (HMRC) self-assessment online service.

The government revealed that the new service would let small businesses register their capital gains details for the 2007 to 2008 financial year using the online service.

HMRC explained that the Capital Gain Supplementary Page was found via the tailoring section of the return.

A statement from the taxation organisation added: "If you have already started to prepare your 2007-08 self assessment return, add the supplementary page through the tailoring section of the return and send it online with your completed self assessment return."

Recently, industry experts said that it was vital small businesses and sole traders kept on top of their bookkeeping and tax returns.

In an article in the Journal, Sage's Stuart Lynn explained that many firms believed that bookkeeping was something of a "mundane" task. However, he stressed that it was vital, especially during an economic slowdown.

In particular, Mr Lynn said that some firms might want to hire accountants to make sure they kept on top of their cashflow and correctly filed tax returns on time.