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Post Info TOPIC: Self Assessment - losses carried back and forwards.
Peasie


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Self Assessment - losses carried back and forwards.
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Just got a client this morning (Tuesday, as we're now actually into Wednesday) who has handed me their paperwork for 2012-13.

They had already said they know about the £100 fine. I had previously applied for Agent authorisation and have now got access to their account online.

They will be making a loss this year due to her shop being shut for 8 months while she had a child but still having to pay rent on the shop.

So I get to look at last year's return and see she had a loss then as well.

Box 31 has a loss of £1,519 . There is nothing in box 34 to carry this loss forward nor has it been carried back to an earlier year. 

Does this mean that nothing can be done with this figure?

Can this figure still be carried forward by amending the 2011-12 return (if before 31st Jan 2014) ?

If there is a loss in 2012-13 of £1,000 could this be added to the £1,519 and carried £2,519 forward to 2013-14 when she will hopefully be back making a profit.

Normally, I think to myself that if you're asking these questions on a forum you're not competent enough to be doing the return but given that there is only two days left I doubt anyone would take on the return this late. I only did because she had accepted the £100 fine in advance but this new information means I might need to speed things up.

If the 2011-12 return is to be amended - where does that leave me as I know nothing of that year's figures only there was a loss made - all I am altering is what is done with this figure (if anything can be done).

So if anyone can help it would be greatly appreciated.



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Peasie


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Sorry to bump this thread but time is running out and I'm beginning to panic.

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matt123


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I think you can offset losses from up to 4 years starting with the earliest. I'm sure it'll be on the HMRC site somewhere.

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Matthew
Peasie


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So is it just a case of re-opening last year's return and re-submitting with the return with the figure placed in the "carry forward" box?

I've never had to open up a previous year's return before and I'm just making sure this is ok enough to do that.

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FoxAccountancyServices


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Sounds like mistake to me? I would have expected to it in 31,33 or 34?

I dont see why you couldn't do an amendment for that

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FoxAccountancyServices


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(Unless they are a personal shopper and therefore are not a commercial business!!)

I assume you have no reason to believe the loss shouldn't have been carried forward?

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MarkS


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Loss should be carried forward unless you elect to offset against other income in same year or carry back

mark



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Providing accounting, bookkeeping, payroll and tax services to small and medium sized businesses across Central Scotland and beyond.
Peasie


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I expected it to be in box 34.

I've had advice on another forum that I don't need to open last year's return up again - that I just need to put it in the brought forward box and that will be enough. I wasn't wanting to get caught out on a technicality and the loss brought forward was lost.


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Never buy black socks from a normal shop. They shaft you every time.

http://www.smbps.co.uk/
FoxAccountancyServices


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Well, that's what I would do, just show it as brought forward this year, and explain if it was ever questioned.... but if it isn't going to take much to do an amendment, you could just do it anyway, to cover ones arse


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Peasie


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FoxAccountancyServices wrote:

you could just do it anyway, to cover ones arse

It would take a hell of lot to cover my arse - it's got its own postcode. 



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Never buy black socks from a normal shop. They shaft you every time.

http://www.smbps.co.uk/
FoxAccountancyServices


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biggrinbiggrinbiggrin



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FoxAccountancyServices


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www.youtube.com/watch

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Stardoe


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Ha ha ha you two!



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Pauline
Peasie


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FoxAccountancyServices wrote:

www.youtube.com/watch

I didn't see this video before - I think I was too busy. 



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Never buy black socks from a normal shop. They shaft you every time.

http://www.smbps.co.uk/
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