Carry over expenses for future tax years?

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    #1

    Carry over expenses for future tax years?

    Hi all,

    I was wondering if someone could help me with my situation.

    I am a new landlord and have recently rented out a property. I did a rough calculation and for the current tax year, my rental income minus all my allowable expenses, will mean that my net income falls significantly below my personal allowance. (my other means of income are tax efficient and non-declarable).

    So I was considering to maximise use of my personal allowance that I deduct some of my expenses for the current tax year and save the rest to utilise for the next tax year?

    I hope this makes sense.

    Thanks in advance for any help!

    Nick
    Tags: None
    #2
    No you cannot do that.

    You can however carry forward a TOTAL net loss to offset against future profits.

    Comment

      #3
      What Andrew says. Sounds like false accounting..
      I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

      Comment

        #4
        Thanks for the replies and help!

        Ok, so that clears that up! I'm just forward planning for the tax year 17/18 as i'm new to self assessment.

        Comment

          #5
          Nick,

          You may be asked to submit the Tax Form SA105 for 2017 or a shorter version .

          This form has box 43 ( for claiming losses to be carried forward to next year.)

          Comment

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