High Clarity Accountants

TAX TIP OF THE WEEK – Are you losing out further on money lost on shares, investments or properties recently. If so not following the correct process could cost you £££ of tax in future years.

So that stock that you thought was going to be the next Amazon but turned out to be a big flop which resulted in a loss on your investment.

Well, not all might be lost as you can carry that loss forward indefinitely against any future gains that you make. This can be quite useful especially if you have a buy to let property which could give rise to a 28% tax rate on sale.

However, it can be easy to miss out on this saving as HMRC requires you to notify them of the loss in the tax return for that year. This can be easily overlooked especially if you don’t complete a self-assessment tax return each year.

TIP: Ensure all losses are recorded on your tax return and if you don’t currently complete one notify HMRC by writing to them with details of the losses..

For more tax strategies download our 71 ways to save tax checklist https://bit.ly/2YQbhvr

Leave a Comment

Your email address will not be published.