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bigduckontax, Accountant
Category: Tax
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I'm a sole trader in my second year of trading. In

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Hi,
I'm a sole trader in my second year of trading. In 2014 tax year I earnt below the threshold to be paying any income tax. However, my business mileage, cost of training and supplies comes to around 9k. Will I get anything back when I file my tax return?
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to assist you with your question. The news I bring will not, I suspect, be to your liking. I am very sorry to have to tell you that you won't. However, if, after taking into account all expenses, you have actually made a loss then this can be used as follows: Set off gainst other income or capital gains of the same yearSet off against other income or capital gains of the previous yearUse a loss in the early years (first four) of a trade [ie carry back over the first four years]Carry forward against future profits of same trade I am so sorry to have to rain on your parade.
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3609
Experience: FCCA FCMA CGMA ACIS
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Expert:  bigduckontax replied 1 year ago.
Thank you for your support.

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