PDA

View Full Version : when you make a loss



Straws
03-02-2008, 12:22 PM
Hi i have only just registered and not got any mindees so no income. when i submit my tax return for april it will show a loss, Is there away that you can move the loss over to the following years tax return:confused: Hope this makes sense:laughing:

sarah707
03-02-2008, 12:38 PM
I would suggest that you need professional advice...

My first thought is that you don't start putting accounts together until you are actually earning, but I don't know enough about it to really advise :D

manjay
03-02-2008, 12:57 PM
I registered as self employed in Jan last year and did not get certificate until November. I did my ICP in January and started incurring expenses then. I had employed earnings in the same financial year so it was beneficial for me to start my accounts and offset my loss. I hadn't realised it would take so long to register so I bought all the things I needed early. My dh has been SE for years and I usually do his accounts before they get sent to an accountant.

amanda xx

angeldelight
03-02-2008, 01:34 PM
I agree with what Sarah says

Angel xx

deeb66
03-02-2008, 03:09 PM
I have to admit I really don't know the answer to that one either.

Good advice given - seek professional advice

monkeypuzzle47
03-02-2008, 06:59 PM
Hi i have only just registered and not got any mindees so no income. when i submit my tax return for april it will show a loss, Is there away that you can move the loss over to the following years tax return:confused: Hope this makes sense:laughing:

Hello, yes the loss can be carried forward which can be set against any taxable income (if any) for the following year, if there is no taxable income the next year you can carry it forward again, hope this helps. jenny@ childminder accountancy services