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Posted Wed, 16 Aug 2023 21:06:10 GMT by
My wife and I both did Forex CFD trading during the fiscal year 22/23, but both of us incurred a loss. For the fiscal year 22/23, I was employed but my wife was unemployed for the whole period. 1) Do I need to do the self accessment (for employed + CFD loss)? 2) Does my wife need to do the self accessment (for unemployed + CFD loss)? I have done the checks via the link below and it said that I didn't have to do the self accessment. However, I am afraid if I misunderstood some of the questions. Hope someone could help me to confirm. Thanks. https://www.gov.uk/check-if-you-need-tax-return
Posted Fri, 18 Aug 2023 10:40:53 GMT by HMRC Admin 25 Response
Hi Gavin,
If the actual disposals are in excess of £49200 (each) then yes a tax return is required.
If one is not required, you can still inform HMRC of the losses so that they are on record should you wish to use them at a later date. you need to inform us of the losses within 4 years of the tax year in which they arise.
Thank you. 
Posted Mon, 11 Mar 2024 09:55:17 GMT by Steely Eyed Missile Man
Hi Gavin When such losses are incurred, how are these reported on the SA tax return. How can I report losses if the tax return has already been completed? Basically my agent is my employer and I do not want to report my CFD trading through them. Many thanks

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