Help Understanding Loss Brought Forward

eggman

Sorry I'm a complete novice to all this and probably shouldn't have attempted this. Part of the reason I declare a loss is because the accountant pushes through things that I personally think I shouldn't claim for. We have had some extensive work on the chalet and the rent is high with not much coming in. For this year we have no planned major expense and are looking to advertise to get more bookings. Therefore hopefully we will be making a future profit.

John_Pierpoint

The tax authorities eventually woke up to losses, being make by pretending to rent out the "little place in the country", could be set off against the 40% tax being incurred on the earnings from "the day job". So the rules are in the process of changing.

Were you sent these details with the Self Assessment forms?

http://www.hmrc.gov.uk/helpsheets/hs253.pdf