Hi, I hope someone can please help me? I’ve searched this forum with no luck and watched the Koinly video explaining how to file a tax return online with HMRC but unfortunately my situation is different to the example in the video so I want to make sure I get things right before submitting my return.
My Proceeds from sales were over the £49,200 threshold which means I have to file a tax return even though I made losses and I had negative “Net gains” on “Capital gains” (spot trading) and also negative “Net gains” on “Other Gains” (P&L on margin trades).
When I follow the Koinly video instructions I can only get to the add “Proceeds from sales” to “Other Gains/Net Gains” part before getting stuck because my “Other Gains/Net Gains” are negative (£-1,429.94) and in the video the example is positive.
So my question here is do I just subtract £-1,429.94 from my “Proceeds from sales” and then put that figure in the Disposal proceeds box on the tax return or do I have to do something different because it’s negative?
My next problem is the “Gains in the year, before losses” part on the tax return as my “Proceeds from sales” were £63,757.55 but my “Acquisition costs” were £64,175.38. In the video it says to subtract “Acquisition costs” from “Proceeds from sales” to get the figure to put in the “Gains in the year, before losses” box on the return. But in my case the figure is -417.83 and so it can’t go in the “Gains in the year, before losses” box because it’s not a gain! So I assume it needs to go in the “Losses in the year” box but I’m not 100% sure?
If anyone knows please let me know or if there’s a video or information you can direct me to it would be very much appreciated.
Thank you
Jp