View Full Version : do i carry the loss i made in 2011 over to this year
nelly
08-04-2012, 02:56 PM
just as it says really, it was my first time doing my tax last year and i made a loss , do i carry that loss over to this year ? . when i phoned hrmc last year im sure the young chap said i do . just checking .thanks xx
Bridey
08-04-2012, 03:21 PM
As far as I know, yes. I don't think uou don't include it in your accounts for this year but when you fill in your tax return there will be a place to note it.
nelly
08-04-2012, 03:25 PM
As far as I know, yes. I don't think uou don't include it in your accounts for this year but when you fill in your tax return there will be a place to note it.
so do i add last year losses into this years expenditure :huh:
Bridey
08-04-2012, 03:35 PM
so do i add last year losses into this years expenditure :huh:
No. You do this year's expenditure as separate and when you fill in your tax return you will be asked if you have any losses from a previous year - that is when you note them down.
I'm not an accountant but this is how I believe you do it. There is an accountant who advises on here but I can't remember his name ... something to do with fish ... :idea:
Bridey
08-04-2012, 03:37 PM
MrAnchovy - that's the chap!! Drop him a quick pm :)
MrAnchovy
09-04-2012, 12:23 PM
Please don't PM me, I provide help and information freely on this forum for the benefit of all members and visitors.
You don't include last year's losses in this year's expenses, when you do your tax return there is a box to enter them ("Loss brought forward from earlier years set off against this year’s profits", box 28 on the 2010/11 SA103S paper return).
Bridey
09-04-2012, 02:24 PM
I'm sorry - I wasn't sure how else to bring this thread to your attention but I see nothing gets past you anyway ;)
JulieA
10-04-2012, 06:12 AM
I'm sorry - I wasn't sure how else to bring this thread to your attention but I see nothing gets past you anyway ;)
Being the end of the tax year I'm sure Mr Anchovy was just busy swimming his way through the tide of fiscal stuff - but hopefully not drowning! :laughing::laughing:
MrAnchovy
10-04-2012, 01:51 PM
Being the end of the tax year I'm sure Mr Anchovy was just busy swimming his way through the tide of fiscal stuff - but hopefully not drowning! :laughing::laughing:
Yes I am a bit busy at this time of year :D - I do come up for breath from time to time though and pick up on anything here eventually!