Blogger
Share this content
0
3
631

losses cf have to use them

Hello,

Scratching my head a bit,  I have a (self assessment) client who doesnt wand to use his losses brought forward, on rental income, as they want their income to look as large as possible for personal reasons. 

I dont believe you can pick and chose can you?  We have to offset all losses bf against profits.

Am I correct on that?

Thanks

DG

Replies

Please login or register to join the discussion.

Accounting profit v Taxable profits

Why not produce a set of property accounts and an income statement, signed off by you as accountant?

You can then have the best of both worlds - show high accounting profits and minimise your clients tax liabilities.

Job done and pat on the back from your client!

Thanks (0)

@kent

As KA suggests, two sets of accounts may help and is what I have done for a number of clients previously. However.........a high earning client of mine this year was looking to remortgage, the mortgage provider wouldn't even look at a set of accounts, they insisted solely on the SA302 from HMRC, not even an SA302 produced by me, as a qualified accountant.

Thanks (0)