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Where Taxpayers and Advisers Meet

tax return: UK property boxes

kdoglondon
Posts:10
Joined:Tue Dec 23, 2014 1:02 pm
tax return: UK property boxes

Postby kdoglondon » Tue Apr 26, 2016 8:59 am

Hi all

I've been having a weird problem doing my 15/16 tax return on-line, in the “Calculating your taxable profit or loss” section of the UK property pages:

I have property income losses to bring forward from 14/15 which exceed total adjusted profits for 15/16, so I should have some left over losses still usable in 16/17. However, I can't get the figure in box 43 "Losses to carry forward to following year" to be anything higher than 0.00, unless I enter a figure in box 39 which exceeds box 38. I could simply do that, however 1) it's incorrect accounting practice I understand, and 2) it messes up the eventual tax calculation. To be clear, boxes are:

38: Adjusted profit for the year
39: Loss brought forward to use against this year’s profits
43: Loss to carry forward to following year, including unused losses brought forward

Shouldn't box 43 pull in HMRC-held data from the last tax return (14/15), to stop this happening? Has something gone wrong with my tax return, or is box 43 really that simplistic as to just subtract box 38 from 39?

Thanks in advance!

K

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