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Where Taxpayers and Advisers Meet

Writing off a loss, in a late declaration

DaveYork
Posts: 2
Joined: Sun Aug 25, 2019 10:20 am

Writing off a loss, in a late declaration

Postby DaveYork » Mon Aug 26, 2019 5:15 pm

I brought forward a loss, from 2014/15 into the 2015/16 tax return of £6200.

[I spent £6200 for an item, which I ultimately did not use for business purposes.]

I want to resubmit the 2014 tax return, and make a late declaration to the revenue that I did not make that £6200 loss, and that I no longer want to not want to carry £6200 forward as a loss into 15/16

I am self employed.

In theory is this possible and acceptable?

Can I just write the loss off?

Because the people at the revenue tell me that I can. But an accountant I called tells me I cannot.

pawncob
Posts: 4352
Joined: Wed Aug 06, 2008 4:06 pm
Location: West Sussex

Re: Writing off a loss, in a late declaration

Postby pawncob » Wed Aug 28, 2019 5:10 pm

How do you "write it off"? It's on the return.
You've actually submitted a false claim by stating that it's for business use and carrying it forward.

I would write to HMRC and say you wish to withdraw the claim as circumstances have changed and the asset has not been brought into use.
With a pinch of salt take what I say, but don't exceed your RDA

DaveYork
Posts: 2
Joined: Sun Aug 25, 2019 10:20 am

Re: Writing off a loss, in a late declaration

Postby DaveYork » Wed Aug 28, 2019 9:15 pm

How do you "write it off"? It's on the return.
You've actually submitted a false claim by stating that it's for business use and carrying it forward.

I would write to HMRC and say you wish to withdraw the claim as circumstances have changed and the asset has not been brought into use.
No. The business was closed soon after, and therefore the item was bought in good faith for business use. So dont start throwing accusations please, thankyou!

pawncob
Posts: 4352
Joined: Wed Aug 06, 2008 4:06 pm
Location: West Sussex

Re: Writing off a loss, in a late declaration

Postby pawncob » Thu Aug 29, 2019 11:16 am

My comments are based on your OP.
With a pinch of salt take what I say, but don't exceed your RDA


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