Carrying forward losses over multiple years: a bug in the self-assessment form?

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    #16
    If you click on the ? by the "Loss to carry forward to following year, including unused losses brought forward:"

    it takes you to this page - https://www.tax.service.gov.uk/infor...rryForwardHelp

    this says "If your loss is higher than your profit, provide the remaining losses available to carry forward in the any other information for other property income."

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      #17
      Thanks Banzai - I had the same issue and that is how I read the notes that appeared in the question mark on the online form (similar to the note referred to by mjlandlord above but the note is slightly longer for box 39 on the online form). I thought I was going mad so it's assuring to find that I was not the only one panicking!

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        #18
        Further to my post above, this is also confirmed by HMRC in answer to a forum question:

        https://online.hmrc.gov.uk/webchatpr...list/2792.page

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          #19
          About Carrying forward losses over multiple years: a bug in the self-assessment form? Hi can I check I've understood correct
          if profit is 3000 and brought forward loss is 10000 do I enter 3000 in loss brought forward ? Where do I enter remaining

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            #20
            I am currently struggling with this. It appears that you have to enter the new value to be carried forward in a text box. This seems unsatisfactory, but since there was no previous way to automatically carry the figure forwards perhaps it doesn't matter too much.

            What I AM struggling with though is the balance of the finance costs. It seems to me that I get 20% credit for the lowest of a) 50% of finance costs b) profit or c) total income, but if I wipe out my profit this year with losses carried forwards then that's 20% of nothing. I seem to be contributing £4k of previous losses but losing the finance cost write-off, because it only gives me £120 difference in the tax I owe.

            Am I mis-reading this? Thanks in advance.

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              #21
              Originally posted by perran142 View Post
              It seems to me that I get 20% credit for the lowest of a) 50% of finance costs b) profit or c) total income
              I don't understand this part.
              You calculate the tax due on your income, with the carried forward loss and other allowances factored in.
              Then write back the restricted finance cost relief.
              When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
              Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

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