Use previous year's loss if not due to pay tax?

ManicMum

Hello

sorry, i know i have been pestering you guys. This is last question before I submit my return.

Fengirl yesterday kindly answered my question relating to:

if I have a £106 profit for this year but £437 loss for 07/08, how do I work that? She told me that I would have to put only £106 of the loss in for thhis year, thus negating the £106 profit. Then carry forward remainder of the 07/08 loss, which would be £331.

My question is: as I will not be eligible to pay tax for 08/09, can I just carry whole of that loss forward to 09/10? Seems silly to waste a loss offsetting piddly amount of £106, especially when if makes no difference to my tax liability. Can I do this?

Your help is much appreciated.:T

fengirl_2

As I understand it, your business has ceased, in which case the loss is lost.