Taxed UK interest - Self Assessment Tax Return

chiro

booksurr wrote: »

you can, but not retrospectively, carry forward is your only option under cash accounting

"Losses
Where losses arise under the cash basis, they can only be relieved:

1. Against later profits of the same trade (see BIM85060)"

http://www.hmrc.gov.uk/manuals/bimmanual/bim70005.htm

So does it mean I'll have to carry them forward and relief against later profit say in the next tax year (if I make profits)?

[Deleted User]

No need for my input - booksurr is spot on. Cash accounting has the advantages of being simpler to use but that is about it.

chiro

This is slightly out of the topic but I didn't carry forward losses from last year?

I assume if I did, I would have been able to set them against profits in the future years?

Is there a way to amend carried forward losses from the previous year?

[Deleted User]

Losses are carried forward by default - are you talking about amending 2013/14 return to include losses carried forward. I wouldn't bother!

chiro

[Deleted User] wrote:

Losses are carried forward by default - are you talking about amending 2013/14 return to include losses carried forward. I wouldn't bother!

So do I just include losses from all previous and current years in the box

"Total loss to carry forward after all other set-offs including unused losses brought forward:"

[Deleted User]

Sounds good to me

chiro

This is it!!

Thank you for all the answers!