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taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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I am just completing my 2018 - 2019 Tax Return as a self

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Hello,
I am just completing my 2018 - 2019 Tax Return as a self employed photographer, which I only earn about £5000 profit from.
Thirteen years ago I invested in 4 buy to let properties, all of which have mortgages, three of which are now in negative equity. I have put them on the market for sale and managed to sell one of them during the tax year at a capital loss of £30,000, and I am hoping the other two will sell this year.
Could you tell me what is the best way to claim that as a loss (eg against this tax year, future or previous years, or a mix) and which box I should put this figure in on the Return. Thank you!
Chris

Hello and welcome to JustAnswer. I am here to help you. I am reviewing your question and will respond to you shortly.
Many thanks

Customer: replied 7 months ago.
Thank you, Chris

Thank you for your question.

You should ccomplete the capital gains summary section and report the loss made from sale of one property. Once this loss is registered, you would be able to carry forward this loss against gains in future years. More information on capital losses can be found here

https://www.gov.uk/capital-gains-tax/losses

My aim is to give you a professional service. I hope this is helpful and answers your question.

Please remember to rate my service by selecting the 5 stars at the top of the screen before you leave JA today. If you need more assistance, please use the reply box below and let me know. It has been my pleasure to assist you with your question.

Customer: replied 7 months ago.
Hi,
Yes I found that page before, but I am a bit stumped as to exactly which box to put the amount in, and also whether it automatically decides which year it is for - or do I do have to do that manually?
Thanks again,
Chris

Thank you for your reply.

You would put in box 7 losses in the year .. see attached

If you are completing the return for tax year 2019, it will assume the loss is for that tax year.

I hope this is helpful.

taxadvisor.uk and other Tax Specialists are ready to help you
Customer: replied 7 months ago.
Hello,
Great.
Am I correct in thinking that I can chose which year I can claim the loss against, and if I don't specify THIS year will I be able to use the loss against next year when I complete the return for next year?
I think that's the last bit I need...!
Thank you!
Chris
Customer: replied 7 months ago.
Not sure if that last bit sent...Hello,
Great.
Am I correct in thinking that I can chose which year I can claim the loss against, and if I don't specify THIS year will I be able to use the loss against next year when I complete the return for next year?
I think that's the last bit I need...!
Thank you!
Chris

I thank you for accepting my answer.

If you are unable to offset the loss against gains in this year, the loss would be carried forward until it is exhausted.

Best wishes.

Customer: replied 7 months ago.
Thanks for your help!
Yours,
Chris

My pleasure..

Many thanks

Customer: replied 7 months ago.
Hi again,
I'm sorry but on the link I was sent by you re 'Where do I put the loss from the sale of my property?'
49aa02f6-acf5-46ca-a893-618faf653212_capital gains summary.docx-
I cannot find that on MY tax return.
The format of my return seems to be completely different showing boxes with no box reference numbers visible, and I cannot find those words either!
ThanksChris

Thank you for your reply.

The link I provided was from official copy of tax return having keyed the numbers using HMRC software. Within the chargeable gain section there should be provision to show a loss as there is one to show gain.

Here are the relevant pages when you go into FIll your tax return.

I hope this is helpful.