What have others done in this situation?
My client has placed funds with a Financial Adviser who has acquired investments, collected income, issued a consolidated tax certificate etc. The FA has also provided details of disposlas of listed investments in a neat schedule that could easily be attached as a pdf to the tax return. The only problem is that the schedule doesn't show the acquisition dates of the investments, something that I believe HMRC requires.
There have been 22 disposals (total proceeds £35,000) with 19 gains totalling £1,600 but 3 losses totalling £200. Disclosure is required by HMRC due to the incidence of losses.
My client is reluctant to pay me to enter 22 transactions that are of no significance to his overall tax position, and I don't blame him.
The only idea I have is to not claim the losses, with the idea that the gains themselves are not required to be disclosed (below the disclosure limits on Page TRG5 of the Tax Return Guide). Does this sound a sensible approach or is there something I am missing please?
- Thoughts on revenue recognition 141 2
- Any good members voluntary liquidators 37 2
- The new married allowance 108 2
- Tax refunds for 2014/15 670 10
- Career advice for ex HMRC Inspector 849 20
- Getting fees, getting harder? 1,713 32
- VAT by Direct Debit 106 8
- Er... 326 2
- Accountex flash mob 526 17
- Cash extraction pre-sale 200 5
- VAT claim on exempt supply 309 11
- Group structure - transfer of shares 127 5
- Child benefit 350 9
- £3750 earned in Dubai - where on the income tax return??? 137 3
- Tax on selling a sole trader business 314 10
- IR 35 226 5
- Share disposal - help please 112 1
- New desktop accounting and payroll, help, please 348 11
- Final accounts - procedure 353 6
- NIC question 125 1
- Services via intermediaries and new HMRC reporting requirements 657
- LIVE: Budget aftermath webinar 410
- Pensions Regulator 380
- RTI - duplicate employee record 342
- NIC contribution on unremitted income 328
- SA penalty proposals 311
- Using the correct forms 303
- How hard is it to reduce a code? 297
- Sage Vat return box 2 207
- Digital marketing focus group 202