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Post Info TOPIC: Cash Based - Losses Self Assessment


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Cash Based - Losses Self Assessment


Morning Everyone

Hope you can help.

I have a client which is a partnership and they are cash based.

Last year they had a lost, this year a profit.

Can I carry the loss forward to use in this years self assessment? (I was under the impression that if you were cash based you could not use the previous years loss)

I have completed the partnership statement and entered the separate self assessments but I seem unable to include last years loss.

Thank you



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Claire Bessford


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18years experience. What is the basis of your 'impression'? I do wonder why a very small minority of Accountants use the cash basis so much!



-- Edited by Shaun60 on Sunday 29th of October 2023 11:02:43 AM

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Thanks for your reply.

It was the client who had the impression I just wanted to double that you could not.



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Claire Bessford


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So they think you can. You think they cannot.
So shouldnt you be checking the legislation rather than getting advice from an internet forum? By all means, come back on if you dont understand a part of said legislation, with appropriate source material, as lets face it, you should be putting such in your correspondence back to your client in the event of any future disagreements.

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Hi Shaun

I have been checking legislation and finding it confusing and this is why I have come to the forum to double check using experience of people like yourself.

I would appreciate if you could advice.

Thank you





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Claire Bessford


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1) Quote and link to the legislation you have been looking at and provide some commentary.

2) Remember your ethics. As a member of the AAT, if you dont know what you are doing, you shouldnt be doing it. Plus will you be covered by PII if you are advising when you dont know?

3) You wish me to advise. I can, although normally I charge for such, Im prepared to help, but Im not prepared to spoon feed.

4) Do you not have access to the AAT tax helpline?



-- Edited by Shaun60 on Sunday 29th of October 2023 11:59:44 AM

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Thank you for the advice.

Hope you have a good day.



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Claire Bessford


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Out of interest what happened with your cap allow claim for your dog walker?

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I would think it very unfair if a business was not allowed to use their losses, cash basis or not!

Maybe someone should think of a way that losses are only allowed against profits from the same trade if they use the cash basis!



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Doug

These are only my opinions of how I see things and therefore should not be taken as advice

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