coogaruk
Hello everyone! Anyone remember me?
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Post by coogaruk on Nov 11, 2020 15:39:19 GMT
It is best to be consistent over both years. Because you have to add to your taxable interest the recoveries made in this year which relate to losses claimed in previous years. Next year they will give you one figure for recoveries from previous years and you will not be able to apportion it between the two previous years. Not that you can expect much to be recovered.Rather depends on how much you had invested. In the last 2 month they have recovred 3.5k of my bad debts. You do have a crazy amount of bad debt though, tbf.
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blender
Member of DD Central
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Post by blender on Nov 12, 2020 14:47:39 GMT
It is best to be consistent over both years. Because you have to add to your taxable interest the recoveries made in this year which relate to losses claimed in previous years. Next year they will give you one figure for recoveries from previous years and you will not be able to apportion it between the two previous years. Not that you can expect much to be recovered.Rather depends on how much you had invested. In the last 2 month they have recovred 3.5k of my bad debts. The enquiry had 'only' £699 of bad debts in the year. I wonder how much of that will turn into FC recoveries in the next year? 10% would be lucky.
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johns
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Post by johns on Nov 12, 2020 18:17:15 GMT
Are losses under an ISA in any way deductible? I imagine just wishful thinking?
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Post by Ace on Nov 12, 2020 18:52:09 GMT
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Nov 12, 2020 20:44:56 GMT
Are losses under an ISA in any way deductible? I imagine just wishful thinking? Absolutely not it's not eligible for tax and therefore losses cannot be claimed against tax. You can't have it both ways! Edit: Although I've seen people on other forums apparently thinking they can claim. HMRC will probably have fun eventually, although they might get away with it for a while.
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