Using Loss Brought Forward on SA Return

When using loss brought forward showing as WARNING

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Client has small self employment profit of £5973.  He has £99,574 of losses broght forward (showing on previous SA return to carry forward).  When we enter £5973 in the box Loss Brought Forward From Previous Years set-off against 2023-24 profits - it flags up as a WARNING and then the full £5973 shows as profit in the tax calc. Anyone any ideas? TIA

Replies (6)

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DougScott
By Dougscott
20th May 2024 11:30

What happens if you put the full amount of the loss brought forward in the box?

Or sometimes just re-entering the same figure again will get rid of the warning?

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By victoriarchalmers
20th May 2024 11:45

It then says the "Loss Brought forward from earlier years set of against 23/24 profits cannot exceed the amount entered for 'Net Business Profit for tax purposes'"

Aaargh !

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Replying to victoriarchalmers:
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By tom123
20th May 2024 12:21

Which of course makes sense - you cannot "use up" any more of the loss than you need to negate the profits.

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By Cat's whiskers
20th May 2024 12:24

Not sure what software you are using but do you have a figure for the total losses brought forward as well as the losses brought forward and used in the year?

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By Ardeninian
20th May 2024 12:26

You should be able ignore the warning and complete with it present. The full profit will show in the calculation but the loss is shown separately as "Income tax relief".

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Replying to Ardeninian:
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By victoriarchalmers
20th May 2024 12:48

This is now happening. HMRC asked me to log out & back in & erase all cookies etc etc & seemed to fix it!!! Thank you all

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