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Posted Fri, 13 Oct 2023 08:59:04 GMT by Pennico
Hello I have started a partnership growing and then selling mature trees so there is only costs (loss) and no income for arund 10 years. Its a relatvely small enterprise so we are using cash basis accunting and so i cant offset the loss against income from other work. Can the annual losses be indefinately carried over (captured in the 'total loss to carry forward' - box 24 of teh partnership section), or is there a time limit? Thanks Harri
Posted Tue, 17 Oct 2023 15:18:06 GMT by HMRC Admin 10
There is no time limit to carrying forward losses, but there are a couple of occasions where losses will cease, such as when the partnership ceases. Have a look at help sheet HS227 (Cash basis) for occasions where losses can no longer be carried forward.
Cash basis

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