Save content
Have you found this content useful? Use the button above to save it to your profile.

Any Answers Answered: Cars and LLP partners

by

TAXtv’s Giles Mooney and Tim Good get to grips with two questions from the Any Answers forum on offsetting brought forward trading losses and the tax treatment of cars and LLP partners. 

10th Nov 2022
Save content
Have you found this content useful? Use the button above to save it to your profile.

To view the full questions and AccountingWEB reader answers click on the links below:

Brought forward trading losses

The first question comes from AccountingWEB member AJ Adams. "Can you offset brought forward trading losses (post 2017) against a current year company chargeable gain? Appreciate you have to offset current year losses first. Woud this mean you could carry back trading losses against a year in which you made a chargeable gain?" 

Cars and LLP partners

The next question was posed by AccountingWEB regular snickersinatwix. "We have just taken over a new (to us) LLP client. Client is extremely concerned because the P11ds for the partners cars have not yet been filed. We have copies of the P11ds which they believe need to be filed.

"This is a proper trading LLP.  Surely partner cars (and they are not salaried partners) are treated the same as for a regular partner in a partnership and do not need to be reported on a P11d? Or am I missing something?"

For the latest episode of TAXtv visit PTP Interactive.​ TAXtv is a monthly tax update programme available as an annual subscription, (11 issues plus budget editions) to view online, download from the internet or watch on DVD.

 
Tags:

Replies (1)

Please login or register to join the discussion.

avatar
By Paul Crowley
11th Nov 2022 19:48

Much appreciated.
Quite rare to find an item with no responses.

Thanks (0)