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  • RE: 'Work-in-progress income' carried forward

    Thank you. I will
  • 'Work-in-progress income' carried forward

    I am a film-maker and composer and many years back I had a year with significant expenditure on a large-scale and long-term project. I discussed this with my accountant and he advised that I deduct 10% of that project's expenses per year over a 10 year period. I have now completed that process. He also advised adding £9k of 'work in progress income' to my income figures that year. This would take account of income that the project would bring in over time. That figure would then be deducted from my income figures in future years. I haven't managed to do that yet. Can I take this figure forward indefinitely or will it expire? Thanks
  • RE: Where do I put my capital loss?

    Thank you. It was more for my records in case there was ever a request for evidence of the loss. I'll see what I can get.
  • RE: Where do I put my capital loss?

    Thank you. That's helpful. It doesn't really talk about documents that might be required though. Since these shares ended up having no value they were never sold. The confirmation of zero value only came verbally from a director that has since been declared bankrupt. Is there a way of showing proof of zero value of unlisted shares? Or is this not required by HMRC?
  • RE: Where do I put my capital loss?

    I have a further question in relation to my capital loss question. One of the capital losses I made was from unlisted shares in a company where the director was subsequently declared bankrupt and the company ceased trading. I have been advised that my shares now have no value but this verbal statement came from the bankrupt director. I have nothing in writing about this. I want to offset this loss against income in this tax year. I understand that I can do this because this is a capital loss in shares. Can you please confirm this and what kind of proof I would need with regard to the loss? Thank you.
  • RE: Where do I put my capital loss?

    Thank you. I now see that the loss I am offsetting from previous years has gone into 'Income tax relief'.
  • RE: Where do I put my capital loss?

    pps I have now added some of my previous year's self-employment losses into "Loss brought forward from earlier years set-off against 2020-21 profits" within the Self Employment pages. But for some reason it is not then deducting that figure from my profit. The tax calculation still uses the full profit figure.
  • RE: Where do I put my capital loss?

    ps the section I have put these previous self-employment losses in is: "Income Tax Losses on other UK income only "
  • RE: Where do I put my capital loss?

    Thank you. I have another question about losses. I have several streams of income, including self-employment. I have a small profit in that for this year but have previous year's self-employment losses to offset. I had previously put them in the 'Income Tax Losses' pages as I have done this year. But I can't now see how to offset some of that previous year's self-employment loss against my current self-employment profit. I tried under 'Earlier years' losses (which can be set against certain other income in the tax year 6 April 2020 to 5 April 2021)' but it didn't register in the tax calculation. I then put the amount of previous losses not used and to be carried forward in "Unused losses carried forward". Can you please advise? Do I need to enter previous year's self-employment losses elsewhere? If so, where? And how do I offset some of them against this year's self-employment profit? Thanks
  • Where do I put my capital loss?

    I am completing my self assessment. I have made some capital losses in the tax year (lost shares and failed property investments etc) but I won't need to offset them against profits this year. I want to make sure that I can carry these losses forward though and use them in future years. I can't quite work out how to put just losses in the capital gains section of the form. Any help appreciated.