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losses cf have to use them

losses cf have to use them


Scratching my head a bit,  I have a (self assessment) client who doesnt wand to use his losses brought forward, on rental income, as they want their income to look as large as possible for personal reasons. 

I dont believe you can pick and chose can you?  We have to offset all losses bf against profits.

Am I correct on that?




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08th Feb 2013 17:07


No - they can't choose. See ITA 2007 s118 & s119.



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08th Feb 2013 18:26

Accounting profit v Taxable profits

Why not produce a set of property accounts and an income statement, signed off by you as accountant?

You can then have the best of both worlds - show high accounting profits and minimise your clients tax liabilities.

Job done and pat on the back from your client!

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12th Feb 2013 01:14


As KA suggests, two sets of accounts may help and is what I have done for a number of clients previously. However.........a high earning client of mine this year was looking to remortgage, the mortgage provider wouldn't even look at a set of accounts, they insisted solely on the SA302 from HMRC, not even an SA302 produced by me, as a qualified accountant.

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