[Avatar]
  • HMRC Admin 50
  • Joined: 21/06/2017 15:34:03
  • Messages: 1615
  • Offline
  • View profile
  • Send message

Re:Accounting for UK property losses from previous years

09/05/2019 12:09:01
Hi

Thanks for your comment.

We are aware that there is still a problem with the loss to carry forward box on the Property Income section. I can assure you that you can carry forward unused losses.

We are taking action with our service provider to try to change the help notes to improve the process for all our customers.
[Avatar]

Accounting for UK property losses from previous years

21/05/2019 08:09:07
Hi, I can verify we had exactly the same problem with the new system. It caused great anguish because it was always easy to register the loss amount in previous years and was in built into a field. This year in spite of instructions saying it could be done we had to manually input the figure with an explanation in a free type box. I am glad others have registered the issue because I am concerned my losses won’t carry forward now and the last thing we need is a contested return for the coming year! This is definitely something which needs addressing.
[Avatar]

Re:Accounting for UK property losses from previous years

12/08/2019 06:35:29
I have losses from previous years to carry forward but did not earn enough in 2018/19 to pay any tax. Can the losses be carried forward to 2019/20 in total or do I need to deduct 2018/19's profits from this even though no tax is due?
[Avatar]

Re:Accounting for UK property losses from previous years

12/08/2019 10:57:12
Hi,

When carrying forward a loss you must use it against the next available rental business profits.

You cannot opt to take a smaller amount.

If the property business profit is too small to give relief for all the loss of the previous year then any unused relief can be carried forward to the next year indefinitely until relief can be given.

We have more information here:

PIM4210
.
Thanks for your question.

Reply