Hi there, really hoping that someone can help me out as I’ve only just recently started started buying stocks and shares in general investment account and I’m not entirely sure about the tax side of things. I have a full-time job and my employer of course does all the tax calculations for me via PAYE, so I have never really dealt with HMRC personally and I’m really not familiar with the process. So please feel to respond to this question as if you’re talking to a complete newbie because that’s exactly what I am! (-:
do i need to complete a self-assessment form even if i made a loss on a stock? Example: I bought a stock in company A, but their stock price started to go down, so I sold it at a loss. do I still need to complete a self-assessment form to prove to HMRC that my sale included a loss and therefore I don’t owe any cgt?
do I only need to submit a self-assessment if I have actually made a profit/capital gain above the capital gain allowance limit?
Final question. For stocks sold in January 2021, I think you can submit self assessment in January 2022, i.e. a year later. Is this correct?
Thank you so much in advance would really appreciate some guidance on this.