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Posted Tue, 02 Aug 2022 13:35:11 GMT by Tracey Noon
I am trying to complete my self assessment form for 21/22. I have a loss to bring forward from 20/21 but when I enter it in the box called Loss brought forward from earlier years set-off against 2021-2022 profits and error message keeps coming up saying "the amount entered for less brought forward from earlier years set off against 2021-2022 profits cannot exceed the amount entered for net business profile for tax purposes. Please check". Therefore it seems that I am unable to bring forward any losses which are above my 21/22 profit. This does not seem correct as I have read in other guidance that there are allowances up to £50,000 which can be carried forward. Please can someone advise if I am putting loss figures in the incorrect box or if the amount that can be carried forward is limited to profit in the current year. Many thanks.
Posted Tue, 02 Aug 2022 14:30:20 GMT by HMRC Admin 17

Yes, this box is limited to the amount of profit made this year.

Any unused losses are then carried forward to be used at a later date.

Put details at the additional information section of the revised losses to be carried forward  .

Thank you.
Posted Tue, 02 Aug 2022 14:53:56 GMT by Tracey Noon
The box will not accept the amount when I put in profit for this year. In fact it wont accept any amount. Why is this please.
Posted Wed, 03 Aug 2022 08:25:58 GMT by HMRC Admin 17

The losses box will only accept up to the same value as the profit.

Do not copy and paste .

Thank you.

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