Capital gains HMRC form is confusing my tired brain. Please help.

Casseopia123

masonic said:

Casseopia123 said:

masonic said:

If your gains are £0, and you have not deducted any losses, it would make no sense to answer 'Yes' to the question "Are losses deducted?". Presumably the Yes/No answer will affect the calculation of net gains, but if gains are zero I doubt it will make any difference.

OK so we'e getting somewhere. I just looked again at the summary for the year - I had gains (£222) but overall, when all the calculations were made, it was an overall loss.

Apologies I should have said this.

Should I answer differently, knowing this?

I am SO confused!

I would suggest you report the total gains in the appropriate box, report the total losses in the appropriate box, answer that losses are not deducted from gains.

Check all is correct in final calculation and pdf of the submission (which has clearer headings btw).

You are using these to follow along, yes?...

Thank you for responding. I have filled out the SA108 form no problem at all. Before I attach it to the return for that year, I have to tick some boxes on the HMRC website first. One of them being: Are losses adjusted?

I just literally don't understand what the sentence means - even though I've read their explanation of it.

masonic

Casseopia123 said:

masonic said:

Casseopia123 said:

masonic said:

If your gains are £0, and you have not deducted any losses, it would make no sense to answer 'Yes' to the question "Are losses deducted?". Presumably the Yes/No answer will affect the calculation of net gains, but if gains are zero I doubt it will make any difference.

OK so we'e getting somewhere. I just looked again at the summary for the year - I had gains (£222) but overall, when all the calculations were made, it was an overall loss.

Apologies I should have said this.

Should I answer differently, knowing this?

I am SO confused!

I would suggest you report the total gains in the appropriate box, report the total losses in the appropriate box, answer that losses are not deducted from gains.

Check all is correct in final calculation and pdf of the submission (which has clearer headings btw).

You are using these to follow along, yes?...

Thank you for responding. I have filled out the SA108 form no problem at all. Before I attach it to the return for that year, I have to tick some boxes on the HMRC website first. One of them being: Are losses adjusted?

I just literally don't understand what the sentence means - even though I've read their explanation of it.

Generally, HMRC uses 'adjusted' to include things like tax relief. The notes section mentions relief, claims or elections.

Casseopia123

masonic said:

Casseopia123 said:

masonic said:

Casseopia123 said:

masonic said:

If your gains are £0, and you have not deducted any losses, it would make no sense to answer 'Yes' to the question "Are losses deducted?". Presumably the Yes/No answer will affect the calculation of net gains, but if gains are zero I doubt it will make any difference.

OK so we'e getting somewhere. I just looked again at the summary for the year - I had gains (£222) but overall, when all the calculations were made, it was an overall loss.

Apologies I should have said this.

Should I answer differently, knowing this?

I am SO confused!

I would suggest you report the total gains in the appropriate box, report the total losses in the appropriate box, answer that losses are not deducted from gains.

Check all is correct in final calculation and pdf of the submission (which has clearer headings btw).

You are using these to follow along, yes?...

Thank you for responding. I have filled out the SA108 form no problem at all. Before I attach it to the return for that year, I have to tick some boxes on the HMRC website first. One of them being: Are losses adjusted?

I just literally don't understand what the sentence means - even though I've read their explanation of it.

Generally, HMRC uses 'adjusted' to include things like tax relief. The notes section mentions relief, claims or elections.

Oooh I see! OK so no then.

Thank you so much for your help. This is a new area for me and the terminology is a little confusing.

Thank you.