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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15940
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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i have made a net trading loss of £5200 in my first year trading,

Customer Question

i have made a net trading loss of £5200 in my first year trading, i have a capital allowance to claim do i add or subtract this amount from the trading loss to give the net loss for tax purposes
Submitted: 3 years ago.
Category: Tax
Expert:  TonyTax replied 3 years ago.
Hi.

If you claim the capital allowance, it will increase your loss for tax purposes. You don't have to claim the maximum possible capital allowances. You have the choice to claim nothing or something between nothing and the maximum.

I hope this helps but let me know if you have any further questions.
Customer: replied 3 years ago.
Thank you I was having trouble getting my head round that one
Expert:  TonyTax replied 3 years ago.
No problem.