We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Loss from previous years set off against income?
Options
ManicMum
Posts: 845 Forumite
in Cutting tax
Hello
I had a £457 loss from a small venture in 07/08. I managed to use £120 of it against income in 08/09 for the same business. That still left £337 unused loss. The business finished that year too.
I was previously told that I could not offset that against anything else and it was just a loss confined to history. However, looking again at the tax return this year, I am not sure if I can't offset this loss against either other income from this year (I have a new business) or other income from previous years. I have rental income in the year of the loss and now self-employment income this year too that could be offset.
Is there a facility to offset this loss?
Many thanks
I had a £457 loss from a small venture in 07/08. I managed to use £120 of it against income in 08/09 for the same business. That still left £337 unused loss. The business finished that year too.
I was previously told that I could not offset that against anything else and it was just a loss confined to history. However, looking again at the tax return this year, I am not sure if I can't offset this loss against either other income from this year (I have a new business) or other income from previous years. I have rental income in the year of the loss and now self-employment income this year too that could be offset.
Is there a facility to offset this loss?
Many thanks
0
Comments
-
No, you cannot carry that loss forward.
Only option would have been to cary it back against previous years profits. You could have went back 3 years from 2007-08 but if there are no profits there either the loss is lost.
NB I think the time limit for claims to cary back was 31/1/100
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 599K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards