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Historic loss making partnership

EllabobbinEllabobbin Feels At HomeRegistered Posts: 92
Good morning!

If anyone can help me with this I would be eternally grateful....

If someone traded in partnership several years ago (though traded amounts to 2 events in the same tax year) and made a loss, was the partnership under any obligation to notify HMRC?

Having read everything I can find on the matter, it only states you have to advise HMRC when you have taxable profits. Obviously with losses you would usually want to notify and claim the loss relief but they are out of time for sideways relief claims and although one partnership has commenced trading as a sole trader it is a different trade and so no s83 relief either.

We are only talking about £500 loss in any case....

No worries re late notification penalties as these are tax geared and no late filing as no requests to file have been received, they'll have 3 months from when HMRC are notified - if they have to be..

So, my question is, is the any requirement to notify loss making trading activities albeit not doing so will result in no loss relief?

Many thanks
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