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Where Taxpayers and Advisers Meet

Expenses offset against CGT

Catkin23
Posts:2
Joined:Wed Jul 31, 2024 4:22 pm
Expenses offset against CGT

Postby Catkin23 » Wed Jul 31, 2024 4:33 pm

Hi All,

Would it be possible to answer a question I have please? I have been registered as self employed via self assessment and have been paying capital gains tax on the sale of my asset's (stocks and shares) for a number of years. I have not registered a business, a sole trader or limited company but wish to purchase items in relation to my self employment. Can I claim the cost of these items against the capital gains tax I pay on the profit I make from the sale of my stocks and shares without registering as a sole trader etc?

wamstax
Posts:2027
Joined:Wed Aug 06, 2008 3:39 pm
Location:Operate Nationally but based in Aberdeen
Contact:

Re: Expenses offset against CGT

Postby wamstax » Thu Aug 01, 2024 9:35 am

Afraid not Cost of buying items for your self employment can only go against the income from your self employment
regards and hope this helps
http://www.wamstaxltd.com
Operates Nationally with competitive costs
and email and phone contact (mob 07751720507) can be obtained from websites

Catkin23
Posts:2
Joined:Wed Jul 31, 2024 4:22 pm

Re: Expenses offset against CGT

Postby Catkin23 » Thu Aug 01, 2024 2:23 pm

Ok, thank you for your advice. If I registered a business as an investor or trader then would I be able to claim expenses from the profit I made from my stocks and shares?


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