self assessment help: rental losses from last year not carried forward

silvercar

Another self assessment help needed.

Rental property that I declared an overall loss for last year, included in my tax return which correctly showed the overall loss to be carried forward.

When I complete the return for this year, there is another loss. But the self assessment online form is not picking up last years loss and adding them together.

Anyone have this problem?

Pennywise

silvercar wrote: »

Another self assessment help needed.

Rental property that I declared an overall loss for last year, included in my tax return which correctly showed the overall loss to be carried forward.

When I complete the return for this year, there is another loss. But the self assessment online form is not picking up last years loss and adding them together.

Anyone have this problem?

It isn't a problem, YOU have to enter your losses brought forward in the appropriate box. Tax returns are stand alone from one year to another, so there won't be any automatic "populating" of figures from last year.

silvercar

Thanks for your answer, on another forum I saw that 3 people had the same problem with no answer posted.

Can you explain how the SA will calculate the total tax due (when there is tax due ie when the rental becomes profitable) to include the brought forward losses from the previous year?

Pennywise

silvercar wrote: »

Thanks for your answer, on another forum I saw that 3 people had the same problem with no answer posted.

Can you explain how the SA will calculate the total tax due (when there is tax due ie when the rental becomes profitable) to include the brought forward losses from the previous year?

There'll be a box somewhere for you to enter the brought forward losses - although it probably won't be obvious from the main screens - do a bit of digging around the land & property section or give their helpline a call.

Sorry I can't help further, we do SA returns using bought in software so we don't use the HMRC online system ourselves so I can't tell you where to find the box

VfM4meplse

The SA form does work, I have carried my losses fwd year after year and it is a constant reminder what a stupid move BTL was in my case.

silvercar

VfM4meplse wrote: »

The SA form does work, I have carried my losses fwd year after year and it is a constant reminder what a stupid move BTL was in my case.

Know what you mean, though we did it to secure our own house move so were only aiming to break even. I guess the final calculation can only be done when you sell up.

Have you done this years return? People have reported that its this years form that doesn't calculate properly.

silvercar

Allegedly there is a fault!

http://www.taxationweb.co.uk/forum/self-assessment-online-hmrc-fault-partnership-losses-t25800.html

VfM4meplse

silvercar wrote: »

Have you done this years return? People have reported that its this years form that doesn't calculate properly.

Agreed but pointed this out in both the additional info and feedback to HMRC. Since there was no profit there was no material difference in the final calculation but I did note that the losses to be c/f to 2008/9 were incorrect hence the additional info.

silvercar

I'm still stuck on this, if there is anyone that can help.

I've entered the losses from last year but the total losses doesn't add the two figures (this year and last years figures together)

payless

I using one of the 3rd party software .. had to input b/fwd losses and add the 2 manually

silvercar

I've not got that option. I enter last years figure, which it accepts. It calculates this years figure correctly. But then it doesn't add the two together, though it claims to.:mad: