Loss relief earlier years online assessment

busybee100

Anyone know how to fill in the online assesment when wishing to claim against tax paid in previous years?

It's a new business prepared on the accruals basis. Is online only for returns using the cash basis?

[Deleted User]

busybee100 wrote: »

Anyone know how to fill in the online assesment when wishing to claim against tax paid in previous years?

It's a new business prepared on the accruals basis. Is online only for returns using the cash basis?

Claim the loss at the end of the self-employment section and detail exactly how the loss is to be relieved in the additional information box in that section. Provide as much info as possible even to the point of working out the adjustment - eg loss relief £3000 @20% =£600. Do not forget to carry forward your loss for the purposes of class 4 NIC.

2nd question-
You are winding us up?

busybee100

No, not a wind up. New business makes a loss is hardly controversial. We can't get passed the page where you choose which year to set it off against. The options are previous years loss, loss against other income current year and carried forward which led me to think it's only for accounts prepared using the cash basis. Are new businesses meant to use the cash basis?

[Deleted User]

You missed a letter - loss to be carried back to previous year(s) - the 's' in brackets is important. Your loss can be set against 2011/12 income, 2013/14 income, 2014/15 income or carried forward. Which would you prefer? Some details would help me further.

Your first post suggested that non-cash basis accounts did not need to be declared on SA - that is what I meant by a wind-up. Obviously not your intention.

busybee100

Ah ok. I wondered if online was set up to deal with cash basis businesses and anything more complicated had to be submitted in paper form.

I intend to claim against 11/12 and the remainder in 12/13.

I've read the options several times and none of them refer to previous years.

busybee100

..........other than loss carried forward from previous year.

[Deleted User]

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/419990/sa103s-2015.pdf

See box 34. Could you tell me the loss for 2014/15 and the income for 2011/12?

[Deleted User]

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/419991/sa103s-notes-2015.pdf

Also the notes on box 34. If you can give me some details I will tell you wow to claim for the losses.

busybee100

Have you access to the online version because it's not laid out the same?

[Deleted User]

It is exactly the same. Online taxpayers do not get to fill in a different return from paper filers. However - I fear that you may have made a basic mistake. Did you, on the tailor your return section, answer 'Yes' to the question - Did you have income tax losses in 2014/15? You should not have done this as the information box alongside warns. Trading losses go in the self-employed pages only.

busybee100

I've just looked on You Tube and it's the same layout as the paper version although it is the return for 12-13. Is it because we've used the short version?