residential property finance costs

[Jupiter01]

In previous years, I’ve entered both my property expenses (in the relevant boxes) and loan interest under residential property finance costs, and together they’ve helped reduce my tax liability. However, this year I’ve had unusually high expenses, so whether I input £0 or the full loan interest amount, it doesn’t affect my tax bill. I assume this is because the expense amount already exceeds the income, making the loan interest irrelevant for this year’s calculation.

Given that, am I allowed to carry forward the full residential property finance costs to next year — and potentially beyond, if needed? If so, is there a specific section where I need to record this carry-forward amount?

Appreciate your guidance.

[someone]

Yes, you can carry it forwards. I don' t think you have to do anything other than enter it in the normal box - as you've seen, it doesn't affect your tax bill this year.

I think next year you'll have to enter the amount carried forwards - i.e. the amount this year.

You may have some losses to carry forwards too.

[Jupiter01]

OK. I wasn't sure if I need to enter anything in this year? I can see that next ear I enter it in as the amount being carried forward. Your response suggests that I need to enter it for this year too?

Also, I have a small loss that needs to be carried forward too. Does that need to be entered anywhere in this years submission?

Thanks again.