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Late loss relief claim

Late loss relief claim

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Our new client, advised by a much larger firm than ours, came to us late January and we identified that the relatively new business he had should have declared losses on his tax return a couple of years previously. We could not claim them on the normal SA return so submitted a separate written request as advised by HMRC.

We asked for sideways set off (S64 ITA 2007) because there were no expected profits from the same trade going forwards.

HMRC have now refused the claim as being out of time because the claim was not within 22 months of the end of the year the losses related. As this was expected to be a "goodwill gesture" by HMRC if we got it approved (i know, but it was worth a try) is there anything we can use to make them give us the losses? Apart that is from sending them a picture of our client in tears...

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03rd Aug 2015 13:44

Why not just ask his previous accountants why they did not claim the losses and ask them for recompense for the net tax loss? It would surely be covered by their PII.

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