andyb7777 Beecham

Hi everyone, I’m helping someone who has incurred around £8,000 worth of capital gains losses from selling cryptocurrency in the 2023/24 tax year, and we’re a bit confused about how to report these losses to HMRC. We’ve had a look at the Self Assessment application, but it seems like it’s mainly designed for reporting profits rather than losses. Could anyone advise on the following? 1) Do we still need to report the losses even though no capital gains were made in the 2023/24 tax year? 2) If we do report the loss, where exactly do we include it on the Self Assessment form? Is there a specific section for capital losses? 3) Can the losses be carried forward to offset any future gains, and is there a process we need to follow to make sure they’re registered properly with HMRC? Any help or advice on how to handle this situation would be greatly appreciated! Thanks in advance!

I have been working 15 hours part time since November 2023 but turn 55 at the end of May 2024 and so have decided to take my Personal Private Pension from my previous employer of 34 years that I left in 2019. In March 2024 my tax code was changed from 1257L to 694L M1 and no tax but £0.96 NI was taken and this month the tax code has changed to 659L and I have been taxed £56.40 and NI of £16.95. On checking the Government Gateway site to establish how my Personal Allowance is calculated, it states that a State Pension is allocated to my account as well as Untaxed Interest on my Savings/Investments. Is 'State Pension' a generic title that is used and covers personal pensions or has a mistake been made ? Surely, I shouldn't be being taxed until I start to receive my pension ? Also, I will be ending my employment at the end of May 2024 and so will my tax code change again automatically and as my full years income of employment and pension should fall below £12570, will I get a rebate ?