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bigduckontax
bigduckontax, Accountant
Category: Tax
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One of my clients who we manage the UK property has filed

Customer Question

One of my clients who we manage the UK property has filed paper returns (has tax ref no.) for many years about 7 yrs....with overall losses to date. And so far no news/reply from hmrc. Is it possible and what can the client do more or should the client
leave things as they are?
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to assist you with your question. As you are probably aware, property losses for Income Tax purposes can only be carried forward and not offset against any other income streams unless the property is furnished holiday lettings. It does not surprise me that no response has been received from HMRC as there is no revenue due. Providing your client has adequate records of these losses to support his position there is nothing more to be done. To date he has acted perfectly correctly. Emulate Brer Fox 'For he lay low and say nuffin!' I do hope that I have been able to set your mind at rest on this matter.
Customer: replied 1 year ago.
Well how far should the client keep records ( I.e how many years back from 2013/14 ). Kindly note paper returns submitted yearly were down loaded from the website but to date no news from hmrc. Surely records going back years can not expected to be kept indefinitely?
Expert:  bigduckontax replied 1 year ago.
Well in theory no, even HMRC destroy back files. As it happens my own tax records go back to when I first became employed, but that was on my Mother's advice, always to keep such files and she was responsible for the introduction of PAYE into the BBC in the early 40s. My own advice would be to retain records until these losses have been utilised or written off.
Customer: replied 1 year ago.
Sorry I meant about keeping the documents that accumulate such as receipts, expenses, invoices, etc incurred each year... As they can pile up over time. Pls clarify further if you can
Expert:  bigduckontax replied 1 year ago.
You can destroy such supporting evidence, and just retain a summary. Personally, I would keep them until the losses have either been utilised or written off, but then I am a belt and braces man!
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3598
Experience: FCCA FCMA CGMA ACIS
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Expert:  bigduckontax replied 1 year ago.
Thank you for your excellent support.

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