UKI Compliance Ideas Portal

Amend losses b/fwd amount so you can utilise what you need for that tax year

For example, I only needed to use £3,953 of the £6,774 loss b/fwd to bring my clients taxable income under the personal allowance, but the software used the full £6,774. This means he is losing out on future loss tax relief. The only way to get around it is to amend the figure to £3,953 and to make a note in our clients folder to remember to use the additional £2,821 next year. Information like this can easy get missed so it would be good for the software to allow us to adjust and pull through onto next years tax return

  • Gemma Walshaw
  • May 16 2024
  • Not In Our Plans Right Now
  • Admin
    Steven Cartlidge commented
    21 May 09:32am

    Thank you Gemma,

    Understanding that we may not have all the finer details here, but based on what information we do have. The software / UI isn't easily allowing for this accommodation, as "...Partial claims are not permitted...".

    https://www.gov.uk/hmrc-internal-manuals/business-income-manual/bim85080

    As such, we would not be updating the software to retain partial claim values to use in future years.

    If there's details we are missing here or if you wish to discuss further I can escalate to our compliance team for further questioning. Feel free to reach out direct to me via steven.cartlidge@sage.com

    Regards,

    Steve Cartlidge





  • Gemma Walshaw commented
    21 May 08:32am

    Hi Steve. Yes this is regarding self employment.

  • Admin
    Steven Cartlidge commented
    20 May 09:50am

    Can we confirm first this is regarding a self-employment please, if not any additional information would be brilliant thank you.

  • Gemma Walshaw commented
    16 May 03:10pm

    For example, I only needed to use £3,953 of the £6,774 loss b/fwd to bring my clients taxable income under the personal allowance, but the software used the full £6,774. This means he is losing out on future loss tax relief. The only way to get around it is to amend the figure to £3,953 and to make a note in our clients folder to remember to use the additional £2,821 next year. Information like this can easy get missed so it would be good for the software to allow us to adjust and pull through onto next years tax return