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Loss against tax
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Posts: 2 Newbie
in Cutting tax
Can I carry refunds I made from my business due to COVID back to the last tax year as a loss? I received payments for an event I was due to run, this had to be cancelled, I had to refund all. I would like to know if I can carry these back to 2019-2020 tax year as a loss adjustment.
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Comments
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Yes you can - against income of 2019/20 first, then 2018/19 and 2017/18.Note it is not relief against tax but against income. You will receive tax relief (and Class 4 NIC relief) on the losses unless, of course, you operate on the cash basis where losses can only be carried forward against the same trade.0
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Thank you very much for your help, yes cash basis for me so that is a great disappointment. Thank you0
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