Personal tax question

[Mr_Megalomaniac]

Hi all,
A question for those doing self-assessments at the moment.
I've filled in all the details on the online form, but I see my dividends are being added directly to my income and tax from the first £. However it's only about £350 of UK dividends and about £650 of foreign ones.

Am I missing something here? Should I only be entering in the amounts already above the £2,000 tax-free threshold? It's odd as I can see on the calculation it is adding the ~£1k directly to my income and calculating tax on it.

Secondly, capital gains; given the absymal 2022-2023 stock market I made a loss. Can I set this against my income tax, or only future capital gains (I think up to 4 years)?

Yes I shall call HMRC tomorrow but interested to hear from anyone knowledgeable here about it too, thanks in advance!

[AdamV12V]

Mr_Megalomaniac said:

Secondly, capital gains; given the absymal 2022-2023 stock market I made a loss. Can I set this against my income tax, or only future capital gains (I think up to 4 years)?

Did you actually sell the stocks and crystalise a loss or are you talking about a loss on paper looking only at the transient fund values? Only if you actually sold and crystalised the loss did you actually make a loss that could be declared.

[uknick]

At the moment you can't offset capital losses against income tax, just carry them forward.

[Eric Mc]

Mr_Megalomaniac said:

Hi all,
A question for those doing self-assessments at the moment.
I've filled in all the details on the online form, but I see my dividends are being added directly to my income and tax from the first £. However it's only about £350 of UK dividends and about £650 of foreign ones.

Am I missing something here? Should I only be entering in the amounts already above the £2,000 tax-free threshold? It's odd as I can see on the calculation it is adding the ~£1k directly to my income and calculating tax on it.

Secondly, capital gains; given the absymal 2022-2023 stock market I made a loss. Can I set this against my income tax, or only future capital gains (I think up to 4 years)?

Yes I shall call HMRC tomorrow but interested to hear from anyone knowledgeable here about it too, thanks in advance!

You enter all of the dividends you have received - even if they are below the annual dividend threshold.

[Abc321]

Tried to send you a PM but you aren't permitted to receive them.

[mikey_b]

Abc321 said:

Tried to send you a PM but you aren't permitted to receive them.

I know you're trying to be helpful (on here and also the thread about the 'unexpected bonus'), but the whole point of forums like this is that when someone provides some helpful advice, everyone can see it. If you offer advice via private messages, not only does no-one else get the benefit of your knowledge, but if that advice should be incorrect or sub-optimal for any reason, no-one else is able to point that out either and make further suggestions.

[Abc321]

Fair point - apologies.

[Mr_Megalomaniac]

AdamV12V said:

Did you actually sell the stocks and crystalise a loss or are you talking about a loss on paper looking only at the transient fund values? Only if you actually sold and crystalised the loss did you actually make a loss that could be declared.

I did sell the shares yes (corporate action, so not really my choice) so it's materialised.

uknick said:

At the moment you can't offset capital losses against income tax, just carry them forward.

Thanks, that's unfortunate

Eric Mc said:

You enter all of the dividends you have received - even if they are below the annual dividend threshold.

Thanks - I think then best to call HMRC and understand why it was added to my income and taxed from £1

Abc321 said:

Fair point - apologies.

Thanks for letting me know, I should check my settings on that anway and see why, thanks.