A Capital Loss occurs when an asset is sold below the price it was originally purchased at. It can be used to offset Capital Gains for more tax efficiency.
Capital Losses could also be Carried Forward to the next year in order to offset a Capital Gain made the next year, and thus reduce the amount of Capital Gains Tax paid next year. If the Carried Forward loss only reduces your Capital Gain to a level still below the Capital Gains Tax Allowance, it is possible to carry left losses to a future tax year.
January 31st is the deadline for submitting 2022/23 tax returns. It's a good idea to complete your tax return ahead of this deadline to avoid mistakes and potential penalties. This article shows why its a good idea to submit your tax return early and how Earnr can help you if you are stuck.Read more
We recently introduced our newest addition to the Earnr team; our AI chat bot, Earnr AI. In this article we put Earnr AI to the test and asked it why you should use Earnr as your tax companion, bookkeeping tool and tax return assistant. Read it's excellent response!Read more
The festive period is often thought of as the busiest time of the year with the run up to Christmas and New Year. Whilst this period can feel hectic at times, it can also be seen as the perfect time to complete your tax return. In this article we explain why this Christmas time is the best time to submit your 22/23 tax return.Read more