Carrying forward a property loss

Last tax year I made a loss, this is shown on my tax form last year as "43. Loss to carry forward to following year" and an amount. This year my property profit was less than my loss last year. The form only allows me to claim from the loss, the amount of the profit this year. Where on the form do I enter the loss I still need to carry forward. My review of property pages, shows no loss to be carried forward. The only help is to enter details in the "Any other information for other property income" box. This is a free format box and the amount does not carry across to the form or alter the loss carried forward amount. I have looked at your helps sections and Youtube.

Hi,
 

Thank you for your question  there is no specific box on the online return for unused losses you will need to note the amount in the additional information box and keep a note yourself of the unused losses and set them off agint your next profit  . Thank you.

Hi, As you mentioned above to put loss in additional information box and take a note of any unused losses, can this amount actually seen by just me and how to work out if any profit is made in the future. Thank You

Hi
Thank you for your question.
Unfortunately I am unable to see the earlier question that you are referring to.
I can advise you that if you complete an online tax return then you would include the income from property losses to carry forward in the relevant box on the online form.
If you are completing a paper SA105 (UK Property pages)  then you would put the figure of losses to carry forward in Box 17.
This figure would be shown on either the online or paper tax return that you submit.
The losses carried forward would be utilised when you first make a profit in later years.

Hi, As Papa has mentioned in first question that if I put loss in "Any other information for other property income" box, total loses forward doesn't not alter or does not add up current and previous year loss. And you have mentioned to record losses and use it when I make a profit in later years. My question is, is the losses amount will be recorded electronically somewhere so I can see it because I don't see it after I submit the tax return. Thanks

Hi,
 

Thank you for your question. On the online SA form under Property income, on the page headed Profits & losses From other property income there are various boxes including Loss brought forward used against this year's profit. There is also a box titled Loss set-off against 2022-23 total income (this will be unusual) then at the bottom of the page there is a box to include Loss to carry forward to following year, including unused losses brought forward: If this is not clear I suggest you contact SA helpline on 0300 200 3310 to discuss this further with an advisor. Thank you.

Does the amount of tax I must pay go up or down when I enter residential loss in box 44 of the self assessment and if so why?

Hi ,

Box 44 on the SA105 is residential property finance costs not residential loss.  The tax that you pay would be lower by utilising this box. The reduction is the basic rate value (currently 20%) of the lower of: Finance costs - costs not deducted from rental income in the tax year (this will be a proportion of finance costs for the transitional years) plus any finance costs brought forward. Property business profits - the profits of the property business in the tax year (after using any brought forward losses). Adjusted total income - the income (after losses and reliefs, excluding savings and dividend income) that exceeds your personal allowance. Thank you .