Help regarding- Forward losses(stock), fees, interest charge in Self Assessment

challengesahead

I did some trading and bought shares in a broker account during financial year 21-22. Some stock were sold at loss in that year + fees. My friend mentioned that the losses can be forwarded to future years so when I eventually make profit for remaining stocks, will save in tax.

- Do I have to log those lossess in SelfAssessment for same year or can do it next year?
- What about the fees and interest they charged? can that be also claimed as expenses later?

Was wondering if anyone with experience can suggest best way.

Thanks in advance!

[Deleted User]

Losses can be carried forward indefinitely but must be declared within four years of the end of the tax year in which they were incurred. 

However you MUST set losses against gains of the same tax year before carrying any balance forward even if the total of any gains are below the annual exemption. 

The fees are a deductible expense.

challengesahead

purdyoaten2 said:

However you MUST set losses against gains of the same tax year before carrying any balance forward even if the total of any gains are below the annual exemption. 

Do I need to do that when filing the tax for that year. Or whenever that happens in next four years?
I would best like to avoid doing it in 21-22 tax SA  as I might miss some number due to lack to time before deadline.

Jeremy535897

You need to declare all your gains and losses in 2021/22. Any unrelieved losses are carried forward.

[Deleted User]

challengesahead said:

purdyoaten2 said:

However you MUST set losses against gains of the same tax year before carrying any balance forward even if the total of any gains are below the annual exemption. 

Do I need to do that when filing the tax for that year. Or whenever that happens in next four years?
I would best like to avoid doing it in 21-22 tax SA  as I might miss some number due to lack to time before deadline.

At this stage filing a return is your priority. The share sales are not affecting your liability and you have the option to amend the 2021/22 return up to 31st January 2024.