Clients of mine have had rental income over the last 4-5 years. Due to the low levels of rent received they have not been obliged to submit a tax return.
Now however they are both company directors and as such are completing tax returns. My question relates to the previously unreported rental losses. My clients are keen to now include these figures due to the fact that with low interest rates they may start recording rental profits in the future.
Can these now be included in the current tax return as bfwd rental losses?