Jamses Cahnge

Any admin can help?

The above is in reference to stocks and shares gain.

Hello, (1st question) I am of the understanding that capital gains does not need to be submitted/reported if under the capital gains allowance year - can you confirm if this is correct? i.e. if I made 1k gbp last year, I do not need to formally submit this gain with HMRC? (2nd question) Assuming the above is true, I would like to ask if I can operate as follows: - 2021/22 tax year: +2k gbp capital gain (i.e. within the allowance, therefore not necessary to file/submit under self assessment) - 2022/23 tax year: +1k gbp capital gain (i.e. within the allowance, therefore not necessary to file/submit under self assessment) - 2023/24 tax year: -20k gbp capital losses. Given the significant loss, I submit a self assessment reporting -20k gbp, therefore, I am able to use this 20k of losses to offset any future capital gains, naturally this offset precedes any applicable of the capital gain allowance for that year. Can you confirm?

Hi, If I made 10k gbp 8 years ago but did not file self assessment then as I had thought it was offset against sufficient losses (now realising I made losses in different tax year), and now realising this now, how much is the penalty fees that would be charged against me? How do I calculate this? This would be my first time ever filing a self assessment as I had always thought I was in -ve/losses. Thanks