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HM Accountax Ltd
HM Accountax Ltd, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 135
Experience:  I am an accountancy professional with more than10 years hand on experience in audit, accountancy and tax affairs.
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It's to do with my buy to let property, I received a letter

This answer was rated:

JA: Hi. How can I help?
Customer: It's to do with my buy to let property, I received a letter from HMRC about their campaign.
JA: Have you talked to a tax professional about this?
Customer: Not yet, I'm not sure if I need to.
JA: Anything else you want the Accountant to know before I connect you?
Customer: Yes. I've crunched the numbers and I have made a loss of just over £10000 over the last 10 years. I only let out my old house and don't see it as a business. I work full time and am taxed PAYE. I'm wondering if this £10000 loss can be offset against the tax I've paid over the last 10years to get some kind of rebate?
JA: What are the assets or property for this capital loss?
Customer: It's a buy to let property, residential.


I am an advisor at Just answer and i am pleased to assist you.

No, the rental loss can only set off against future rental gains.


HM Accountax

Customer: replied 3 days ago.
That's a shame. Do I need to submit tax returns for these losses? I am positive that I have no tax to pay. Will I receive a penalty for not submitting?
Customer: replied 3 days ago.
Actually, it would probably be worth submitting if the losses can be offset. How long are these losses carried over for.

I'll suggest that you declare the rental property to HMRC and bring losses on paper.

The losses can carry forward till you make profit in future.

Customer: replied 3 days ago.
That's great, thanks for your help today.

My pleasure.

If you have any further queries then please feel free to contact me.


HM Accountax

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