Can these property losses be carried back?
I’d appreciate any input on this please.
Husband and wife own a rental property. The property was a furnished holiday rental for many years, then a furnished long term let for 5 years. The long term tenant left the property damaged (December 2011 when the tenant left). Husband and wife decided to turn it back into a furnished holiday let following repair to damage. Repairs have been carried out between January 2012 and November 2012, and were due to be completed along with the first booking in December 2012.
November 2012 a landslide rendered the land around the property unsafe and halted the repairs. The current news is that it won’t be safe to even get close to the property until spring 2013 (possibly April 2013). Even then the property could be demolished because of the unsafe land. Meaning the December 2012 booking can no longer go head, neither can any further bookings until the situation is clear.
Can any losses be carried back here?
- What aspects of accountancy/book-keeping most trouble people 145 3
- Accountant software 412 11
- Accounting jobs in the UK 140 2
- Foreign income on Self Assesment 230 1
- Dividend paid to non-shareholder 198 4
- CIS gross status review 91 1
- Notes needed for a new partner in an LLP 125 2
- Dividend payments to spouses 350 6
- Flat rate vat error 242 5
- Whats the best way to keep my accounts? 135 5
- How do I clear transaction history - Sage 50 v9 144 2
- Whats the best way to keep my accounts? 86 1
- Property versus Trade in a Ltd Company 147 4
- When will Private Principal Residence Relief cut will start? 361 8
- Snotty HMRC letter - continued 621 17
- Dispensation pointless ? 268 4
- Accountant Pays Clients Tax 610 11
- Are bankruptcy restrictions order becoming more common? 202 4
- Charge out rates in London? 216 2
- Negative retained earnings & Dividends 185 3
- Desperately seeking Susan, Sam or anyone with any other name 754
- Experience with Islamic investor following Sharia-compliant rules? 483
- Darwinpay Partnership Assessment 297
- How to format a stock book 264
- S464A Charge to tax: conferring benefit & BIK 212
- Tax efficient holding company structure 202
- Outlook 2007 with business contact manager not loading on new laptop 193
- Investment property company accounts template 190
- auto enrolment - calculation of first pension deduction 171
- Sage 50 Customer Statements and Running Balances 160