FHL Partnership

FHL partnership & losses

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We act for a FHL vat registered partnership that started to trade in April 2018. The partnership made as loss which is reflected on the 2018/19 partnership tax return. However, our software will not allow us to allocate the share of the loss to each partner and our software provider has advised this is the HMRC guidance.

We are confused by this as it is the individual partners that make the loss and surely these need to be shown on their respective statement of partnership share and carried forward. The share of the partnership profit/losses could well change going forward so carrying forward cumulative losses on a partnership tax return can't be correct.

Have readers come accross this situation and is it a case of completing a separte partnership statement and filing this with the partners 2018/19 return?


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paddle steamer
21st Jan 2020 12:54

Have never had to deal with it, so guessing, but perhaps the narrowness of use re c/fwd FHL losses may be the reasoning.


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