Can I bring my undeclared loss forward?
Question Last year (2002-2003) I made a loss on my property rental business, but did not declare this to the Inland Revenue. I now understand that I can take bring this loss forward to the current year, where I have made a profit, and offset it against my property profits. How do I go about doing this and declaring it to the Inland Revenue?
If you have already submitted a Tax Return covering the period in which you wish to claim the loss, you need to submit a revised Tax Return including the Land & property pages and declaring the loss. If the time limit for revisions has passed, then you can submit a revised Tax Return under the error or mistake provisions and hope that the Revenue accept this late revision.Do not be too surprised if you find the Revenue opening an enquiry into your Return as a result of the submission- they will want to know when the letting started and may take the opportunity to review all aspects of your Return.
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