How much tax back will I receive

anders03wlkr

Hi All,

My first tax return is about to be sent off via my accountant. I will be due a refund but have no idea what this will be. There a net loss of approx 7k but what would this equate to with reards a refund?

Brassedoff

anders03wlkr wrote: »

Hi All,

My first tax return is about to be sent off via my accountant. I will be due a refund but have no idea what this will be. There a net loss of approx 7k but what would this equate to with reards a refund?

Err, nothing? It does not work that way. When (I assume you are a company?)

When you make a loss in one period, you can off set it against other tax periods either prior or carried forward. Most losses in smaller circumstances are due to disposal of property.

If its down to your Self Assessment, I believe you may get a mall repayment on prior periods and have a nice off-set for 14/15/16 to come..

I may be wrong, but I don't think so.

anders03wlkr

Thanks for response.

I should have given more information. I'm actually a sole trader, but also have another form of employment. My understanding is that the loss incurred through my business will be offset against the personal tax i paid last year and that's how the refund if calculated. Is that correct?

Also, does this just look at how mch tax has been overpaid, or otherthings like NI?

Thanks

Wywth

If your accountant can't tell you, I suggest you find another one, super pronto!

anders03wlkr

ok, was just looking for some general info on how it works. Thanks anyway

Savvy_Sue

anders03wlkr wrote: »

Also, does this just look at how mch tax has been overpaid, or otherthings like NI?

NI isn't worked out the same way as tax: under PAYE you pay it if you're over the limit in any pay period, and don't get it back if you're under the limit in every other pay period.

However, if you've been paying your Self-Employed NICs by Direct Debit, AND you could have claimed the small earnings exemption, I believe they'll refund what you've paid if you ask. Ask your accountant about that once they're open: it may depend on whether or not you expect to be eligible for that exemption this tax year (because the exemption is usually given for two years at a time, I believe).