First of all please let me tell you, when it comes to tax, maths etc I’m not very smart. Ive always been employed so my tax has always been worked out by my employer.
I have a tax question that I don’t want to get wrong.
Here is my scenario,.
Initial investment into “invest account” = £17k
Total realised profit after stock sales = £26k
Then I transferred £10k to my bank account for home improvements and my initial investment of £17k, leaving £16k in my trading 212 account. I lost quite a lot of that within a few days leaving me with £12k
I transferred that amount into my ISA account where I have lost £1400 leaving me with £10600
Can I minus the £1400 loss in my ISA count towards the total made in my invest account making it £24600 instead of £26k realised profit,
Of note, with being very very new to this, I have done many day trades to familiarise myself with the platform and learning the charts etc.
I guess what I’m asking is, at present, do I have to pay tax on £26k or £24600?
NB: I earn £40k per year salary,
Once again, I’m really not intelligent when it comes to this kind of stuff but I’m trying to learn it as quick as I can to get it right.
Thanks so much