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TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15979
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?

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I have made a loss of £11684 will I get a tax bill?
Hi. What type of loss have you made? Is it a trading loss or capital loss?
Customer: replied 2 years ago.
Trading loss
How long have you been trading?
Customer: replied 2 years ago.
Since 2012
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 2 years ago.
It's for last years trading I have no other income and we made a small profit last year
Thanks. Leave this with me while I draft my answer.
Customer: replied 2 years ago.
Take a look at the HMRC helpsheet HS227 which covers losses here: 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.
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