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Post Info TOPIC: Losses
lizg78


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Losses
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Afternoon!

 

I have a partnership on my books who have started making losses......can I carry forward these losses indefinitely, or is there a time limit on it? They hadn't made enough profit in prior years to warrant carrying the loss back.

 

Thanks,

 

Liz



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MarkS


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Posts: 1501
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There is no time limit on carrying the losses forward but whenever you make profits you need to offset.  Even if it means wasting the personal allowance of the partners. See this link

 http://www.hmrc.gov.uk/manuals/bimmanual/bim85060.htm

 



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Mark Stewart CA

http://stewartaccounting.co.uk/

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