If so, you may be able to claim tax relief.

For assets that you own which have become worthless, you do not need to dispose of them to create a capital loss. Instead, you can make a negligible value claim, treating the assets as though they were disposed of and immediately reacquired. This crystallises a capital loss for tax purposes.

Claims can be made through your self-assessment tax return or by writing directly to HMRC.

Timing is important. In some cases, a claim can be backdated by up to two tax years if the shares were already worthless. This could mean securing a refund at a higher historic CGT rate.

Specifically in relation to shares subscribed for in unquoted trading companies, it may be possible to claim relief against income rather than CGT, potentially increasing the tax saving.

Once claimed, the loss can usually be offset in the year it arises or the previous tax year.

If you are holding assests that have lost significant value, it may be worth reviewing your position. A claim could turn a bad investment into a tax opportunity.

If you would like us to review your circumstances, please get in touch.

We are pleased to share that Iona has successfully passed her R05 Financial Protection exam.

This is a brilliant achievement and a reflection of her dedication and professionalism.

At Ward Goodman, we are committed to supporting the ongoing development of our team.

Please join us in congratulating Iona on her well-deserved success.

Last Tuesday, Sophie, Gareth, Iona and Jess were delighted to host an Industry Insight Day in partnership with the Bournemouth University's Employability Skills Programme, focused on careers in Financial Services & Accountancy.

The session gave students valuable, real-world insight into career pathways across Financial Services, Paraplanning, Accountancy and Tax Planning. From understanding different entry routes to exploring planning opportunities, attendees gained practical advice to help them navigate the industry with confidence.

It was fantastic to share our experiences, answer questions, and support the next generation as they consider their future careers.
A big thank you to everyone who took part - we look forward to continuing to build strong connections between education and industry.

When starting a new business, it’s common to assume VAT can only be reclaimed once sales begin. In reality, that isn’t always the case.

Businesses can register for VAT as an intending trader, allowing VAT on start-up and development costs to be reclaimed before trading begins. Where someone is already VAT registered, costs for a new trade may also be recoverable through an existing VAT return, depending on the structure.

However, the rules are detailed. VAT must relate to costs that would normally be reclaimable, some expenses remain blocked, and HMRC may ask for evidence that there was a genuine intention to trade.

In certain cases, VAT registration can even be backdated, enabling VAT already paid to be reclaimed.

If you’re investing in a new venture, taking advice early can make a real difference. Ward Goodman can help you understand where you stand and ensure VAT is reclaimed correctly.

We are pleased to welcome Esha Amani-Cundy to Ward Goodman as our new Personal Tax Manager.

Esha specialises in private client tax, providing compliance and advisory services for individuals, trusts and estates. She began her career at HMRC before training with a Top 10 firm and has since worked across accountancy practices and international wealth management firms, including non-resident tax matters. She is ATT, CTA and STEP qualified.

Outside of work, Esha enjoys baking, crime dramas, quiz shows and sport, and is kept busy by her toddler.

Please join us in welcoming Esha to the team.

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