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Use previous year's loss if not due to pay tax?
ManicMum
Posts: 845 Forumite
in Cutting tax
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
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
0
Comments
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As I understand it, your business has ceased, in which case the loss is lost.£705,000 raised by client groups in the past 18 mths :beer:0
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