Can I carry forward a loss?

daft_sausage

Hey all, my first post on MSE!

Im in the process of doing my SA online as a sole trader (wishing I hadn't left it to the last minute... :mad: ).

In the year 2010/2011 I made a loss of £5600
In the year 2011/2012 I made a loss of £15800.

For the year 2012/2013 I have made a profit of £27,000



Can I make use of my 2010/2011 and 2011/2012 loss on my 2012/2013 tax return to lesten the amount of tax that has been calculated I need to pay?

Thanks for any help I receive!
Laura xx

Dave_the_Ginger_Cat

You can on property, so googled this for you

http://www.google.co.uk/url?sa=t&rct=j&q=&esrc=s&frm=1&source=web&cd=2&cad=rja&ved=0CE4QFjAB&url=http%3A%2F%2Fwww.hmrc.gov.uk%2Fhelpsheets%2Fhs227.pdf&ei=-KjrUr3VMI-y7Ab71YDIAg&usg=AFQjCNHeZVl41Q03cfpBM4duD-aTDI6GPw

I've only skim read the front page, but looks like a yes

daft_sausage

Dave_the_Ginger_Cat wrote: »

You can on property, so googled this for you...

I've only skim read the front page, but looks like a yes

Thanks so much for your really prompt reply - I too found the same .pdf as you but I cannot for the life of me find the same 'boxes' on my online tax return...

zygurat789

daft_sausage wrote: »

Thanks so much for your really prompt reply - I too found the same .pdf as you but I cannot for the life of me find the same 'boxes' on my online tax return...

Capital Allowances
Other adjustments
LOSSES

daft_sausage

SORTED... :-)

I was having a funny five minutes...

Thanks to Dave the Ginger Cat and Zyguruat789

purdyoaten

daft_sausage wrote: »

SORTED... :-)

I was having a funny five minutes...

Thanks to Dave the Ginger Cat and Zyguruat789

Obviously without the figures it is difficult to know the full position.

You have - profit £2012/13 £27000 less losses b/f of £22400 leaving £4600 chargeable. Your personal allowance is 8105 and so £3505 of your losses are wasted. Nothing can be done abouit this but you could increase your profit 2012/13 by choosing not to claim capital allowances.

For example - don't claim capital allowances of £2000 - profit now £29000 and still no tax to pay because of the loss b/f but you would have a hihger carry forward figure for capital allowances.