Self-assessment: carrying/bringing forward losses

Discussion in 'Accounts & Finance' started by ellectrastar, Jan 12, 2021.

  1. ellectrastar

    ellectrastar UKBF Newcomer Free Member

    12 0
    I have a partnership for which I complete a return. My first return was last year and the partnership registered a loss. The second year has also registered a loss. When it comes to the partnership section of my self assessment there is a box in the section "trading or professional profits" where you can enter "Losses brought forward from earlier years set-off against 6 April 2019 to 5 April 2020 profit." Do I put here the loss that the partnership made last year, even though there's not yet a profit to set it off against? Does this keep rolling each year until a profit is made and it can be off-set? Beneath this field it says "Taxable profits after losses brought forward: £0.00" but when I enter a figure this adjusted to -£x.xx (the figure I had entered).
     
    Posted: Jan 12, 2021 By: ellectrastar Member since: Jul 31, 2008
    #1
  2. MyAccountantOnline

    MyAccountantOnline UKBF Legend Full Member

    13,349 2,508
    Posted: Jan 13, 2021 By: MyAccountantOnline Member since: Sep 24, 2008
    #2