Owe tax still for 2007/8, but made a loss in 2008/9

PabloEscobar

Hi,

My business has been struggling for a couple of years now. To cut a long story short, I couldn`t pay my self assessment bill from 2007/8, so am paying it in monthly installments. I have just had a copy of my 2008/9 self assesssment from my accountant, and it shows I made a loss in 2008/9. I`m sure I read somewhere last year that if you make a loss on your SA, you can claim money back from your previous SA. Obviously, this would be used against what I owe.

Does anyone know anything about this.........if you actually understand what I am trying to say!

Thanks.

zygurat789

Your accountant should do this automatically when he submits your tax return, this is what you pay him for, you have opaid him haven't you?

PabloEscobar

Thanks for the reply.

I`m paid upto date with my accountant, he will be invoicing for 2008/9 SA at the start of February.

I didn`t realise he would take care of this, as there was no note on the SA he emailed me. I just noticed that I made a loss, and wanted to take advantage of it where possible to reduce what I already owe. I`ll get in touch with him, to check it is in hand.