hugo1985
Blogger
Share this content
0
835

How to carry back losses for self-employment

How to carry back losses for self-employment

Hi,

My Accountant submitted the Amended Tax returns for 2013/2014 Tax year on 26/01/2016 which increase the tax bill to 3868£ and I am keep getting the letter from HMRC to pay overdue Tax.

secondaly I have the losses of 8809£ in Tax year 2014/2015 my Accountant mentioned this loss on SA submitted on 26/01/2016 in box 22 (Or, net loss) and in box 32 Net business loss for tax purposes; he also filled the box 34 (Loss to be carried back to previous year(s) and set off against income (or capital gains) ).

when I log in to my HMRC account and checked the total Tax due for the year 2013/2014 Tax year it is still showing Tax overdue 3868£. it looks like HMRC has not made adjustments to my tax bill for 2013/2014 after I show the loss of 8809£ and asked for it to set off against the profits of Tax year 2013/2014.

what steps do I need to take in order to get this sorted as I believe after the loss adjustment Tax bill should reduced to around 2000£ from 3868£.

is my accountant missing something on tax returns or does he needs to make any amendments to 2013/2014 tax returns as well?

Regards

Replies

Please login or register to join the discussion.

avatar
By Kevkava
26th Feb 2016 15:30

You asked the same question 3 days ago and received a very helpful answer. Why are you asking it again today?

Thanks (0)
avatar
26th Feb 2016 15:32

Cos he didn't get the answer he wanted :)

Thanks (0)
26th Feb 2016 15:34

Do you usually communicate with your accountant via Accountingweb? You could try phoning him, maybe he's old-fashioned that way.

Thanks (1)
avatar
By JimFerd
26th Feb 2016 16:19

If you don't want to ask your accountant, just phone HMRC and ask if they have processed the amended return, and if so - can they explain why the tax is different to what you think.

Thanks (0)
26th Feb 2016 16:55

There was a similar question to this a few days back

have a look at the answer here - https://www.accountingweb.co.uk/anyanswers/question/how-carry-back-losse...

 

Thanks (0)
avatar
26th Feb 2016 16:58

Paul

It's the same poster & question :)

Thanks (0)
27th Feb 2016 09:34

Really!?

Chris Ash wrote:

It's the same poster & question :)

 GOSH. You probably didn't get the tone of voice of my original, How about now ;)
Thanks (0)
27th Feb 2016 09:37

Try again on Monday

Bad luck, Hugo.  Leap Year Day is a once in four year event - maybe the answer will be different  on Monday.

Thanks (0)
Share this content