Entry on loss

This discussion addresses how a partnership firm should account for a loss of £75,000 incurred in FY 18-19 to claim tax benefits in FY 2019-20. The key point is that the loss benefit is for the partnership firm itself, not individual partners. The advice suggests making a normal loss entry in the P&L account and carrying it forward for tax purposes, or distributing it now to benefit from set-off in subsequent years.