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TonyTax
TonyTax, Tax Consultant
Category: Tax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I have made a loss of £11684 will I get a tax bill?

Resolved Question:

I have made a loss of £11684 will I get a tax bill?
Submitted: 11 months ago.
Category: Tax
Expert:  TonyTax replied 11 months ago.
Hi. What type of loss have you made? Is it a trading loss or capital loss?
Customer: replied 11 months ago.
Trading loss
Expert:  TonyTax replied 11 months ago.
How long have you been trading?
Customer: replied 11 months ago.
Since 2012
Expert:  TonyTax replied 11 months ago.
Thanks. What period is the loss for? Do you have or have you had any other sources of income since 2012? Has the business made a profit in any year since it started?
Customer: replied 11 months ago.
It's for last years trading I have no other income and we made a small profit last year
Expert:  TonyTax replied 11 months ago.
Thanks. Leave this with me while I draft my answer.
Customer: replied 11 months ago.
Thks
Expert:  TonyTax replied 11 months ago.
Take a look at the HMRC helpsheet HS227 which covers losses here: https://www.gov.uk/government/publications/losses-hs227-self-assessment-helpsheet/hs227-losses If you have no other income in the tax year of loss then you can have no tax to pay for that tax year. Your options as to how to use the loss are set out in HS227. You can: 1 use the loss against other income in the same tax year of which you say you have none, 2 use the loss against any income you had in the previous tax year but beware of wasting personal allowances, 3 if the loss was made in the first 4 years of trading, you can carry back the loss three years and use the loss in each tax year coming forward from three years earlier until it is used up (beware of wasting personal allowances) or 4 carry the loss forward to use against profits of the same trade in future tax years. I hope this helps but let me know if you have any further questions.
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15751
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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