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RE: Capital Loss for Shares of a Bankrupted Company
Thank you for your response. The referenced page is about stocks listed on the London Stock Exchange. In my case, the stock used to be listed on the New York Stock Exchange and was delisted early this year. Could you please let me knwo what supporting evidence is needed in this case to claim capital loss in my tax return? Alternatively, could you provide an email address or phone number for me to contact? -
Capital Loss for Shares of a Bankrupted Company
I hold shares in a US company that has gone bankrupt, and the stock has become a CUSIP, making it non-tradable. As a result, I have incurred a loss of hundreds of US dollars. I requested my broker to dispose of the shares, but they informed me that they cannot provide a written confirmation of the disposal. They advised that I would need to self-report this loss in my tax return to claim a capital loss. Could you please confirm if this approach is acceptable? -
How is Full-Year National Insurance Contribution Determined?
Could you please advise how a full year of National Insurance (NI) contributions is calculated? Is it assessed on a month-by-month basis, or is it averaged across the entire tax year? For example, if my contractual annual salary is £60,000, and after 8 months into the tax year, I decide to increase my salary sacrifice for workplace pension contributions to 100% of my salary for the remaining 4 months, my income for the last 4 months of the year would be £0. However, my total salary after sacrifice for the full tax year would still amount to £24,000, with the respective NI contributions deducted during the first 8 months. In this scenario, would the year still count as a full NI contribution year? Does it have any negative impact on my future state pension? -
Self assessment payment tax code collection query
I am currently completing my tax return online for the 2023-24 tax year. It shows that I underpaid tax by £1,500, which is below the £3,000 threshold. I selected "Yes" for the following question: If you are submitting by 30 December, owe tax for 6 April 2023 to 5 April 2024 and have a PAYE tax code, do you want us to try to collect the tax and Class 4 NICs due (if below £3,000) through your tax code for 6 April 2025 to 5 April 2026? However, when I checked the calculation, it displayed the following: • Total amount due for 2023-24: £1,500 • Plus first payment on account for 2024-25: £750 • Total to be added to Self Assessment account (due by 31 January 2025): £2,250 • Second payment on account for 2024-25 (due by 31 July 2025): £750 This seems to indicate that the underpaid tax from 2023-24 will not be collected through my tax code for 2025-26 as I had expected. Additionally, it assumes an equal liability for 2024-25, which does not reflect my actual circumstances since they have changed, and I do not anticipate owing the same amount next year. Could you please advise on how I can: Ensure the underpaid tax from 2023-24 is collected through my PAYE tax code for 2025-26 as requested. Avoid making payments on account for 2024-25 until I file my tax return next year and provide updated figures. Thank you for your assistance. I look forward to your guidance.