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Where Taxpayers and Advisers Meet

Mechanics of claiming carry back of a terminal trading loss

Lsp54
Posts: 75
Joined: Tue Sep 15, 2009 5:11 pm

Mechanics of claiming carry back of a terminal trading loss

Postby Lsp54 » Fri May 24, 2019 4:35 pm

I used PTP to file a 2018/2019 tax return for a client showing a terminal loss, and elected clearly on the PTP self-employment pages to carry this back to the previous year. I just phoned the agent helpline and they confirmed this hasn't been activated, and a lady from the technical department informed me I had to fill in a SA110 for 2018/2019. This looks like the tax return calculation pages I filled in with PTP.

My client has no tax liability for 2018/2019, and wants a tax refund of part of the 2017/2018 tax. What is the mechanism for actually claiming this loss. Any advice would be appreciated. Thank you for reading this request.

Jholm
Posts: 80
Joined: Mon Mar 11, 2019 4:22 pm

Re: Mechanics of claiming carry back of a terminal trading loss

Postby Jholm » Fri May 24, 2019 5:29 pm

It's been a while but without checking, don't you have to calculate the amount and enter the figure into the box 'decrease in tax due to an adjustment to an earlier year'?

Lsp54
Posts: 75
Joined: Tue Sep 15, 2009 5:11 pm

Re: Mechanics of claiming carry back of a terminal trading loss

Postby Lsp54 » Fri May 24, 2019 6:21 pm

Thanks for your reply. I will have to amend the tax return I sent in, and put in the figure for 'tax overpaid in earlier year'.

Many thanks again.


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