Self Employment Losses Brought forward
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Growingold
Posts: 334 Forumite
in Cutting tax
Hi
Just wondered if anyone knew the correct treatment of self employment losses brought forward from previous years. Do you have to use them against first available profits if your Personal Allowance will cover it or can you carry them all forward to use in later years?
Thanks in advance.
Just wondered if anyone knew the correct treatment of self employment losses brought forward from previous years. Do you have to use them against first available profits if your Personal Allowance will cover it or can you carry them all forward to use in later years?
Thanks in advance.
0
Comments
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Yes, losses have to be offset against the 'first available profits from the same trade'0
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And you can’t restrict the loss claim to preserve the personal allowance - you must use as much as possible0
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Capital Allowances don't have to be used each year if the previous years loss takes you below your personal allowance.0
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Hi there,
Thanks for your replies. I have been looking on line for where this is specifically said ('offset against the 'first available profits from the same trade' but cannot find it.) Please does anyone have a reference where I can look it up? I have read HS227 Losses helpsheet but cannot see this.
Thank you in advance.0 -
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