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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 8038
Experience:  FCCA - over 40 years experience as a qualified accountant (UK based Practitioner)
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I have been running a small business for three years but

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I have been running a small business for three years but have only now made a profit. I have not submitted self assessment returns because no tax was previously due. Can I put b/fwd losses in as a total or do I need to submit individual returns for each year?
JA: Which tax year are you filing for?
Customer: 2018/19
JA: Anything else you want the Accountant to know before I connect you?
Customer: I am actually trying to answer the query for a friend and do not have full access to his data. I am merely at this stage trying to establish the principles of previous years records so I can advise him how to proceed

Hello and welcome to JustAnswer. I am here to help you. I am reviewing your question and will respond to you shortly.
Many thanks

Thank you for your question.

As far as filing a tax return for 2018-19 is concerned, you show one figure for Loss brought forward from earlier years set off against this year’s profits - up to the amount of net profit for tax purposes for the year. (box 29 - Page SES 2 here)

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/874368/SA103s_-_English_Form.pdf

You are advised to file tax returns for earlier years in the event HMRC wish to make enquiries into this return because of losses brought forward.

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Customer: replied 1 year ago.
Thank you very much for your help. This has really clarified things for us.

Thank you for your reply.

I hope this is helpful and answers your question.

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