I have seen some similar questions but not exactly like this ( or I did not understand)
On my last return I had paid tax on PAYE, I had also started a small business which made a loss of £2500'ish.
I took the option given in TAXCALC to set the loss off against the PAYE tax and got a few hundred punds refunded.
I think from the answers that I have seen, that this is the end of that loss and the next year starts as from new and that I cannot carry any of the loss forward to offset against this return.
Am I correct in that assunption ??
Andrew
Losses carry over or not
2 posts • Page 1 of 1
by King_Maker on Wed Sep 21, 2005 8:48 am
Losses can only be used once.
So as you have already used the Loss against 2003-04 PAYE, it is not available to carry forward.
A loss of £2500 is worth a maximum of £1000 (£2500 x 40%) depending on your highest rate of tax.
Did you/TaxCalc review all options, including carrying back, in case that gave you a higher refund?
So as you have already used the Loss against 2003-04 PAYE, it is not available to carry forward.
A loss of £2500 is worth a maximum of £1000 (£2500 x 40%) depending on your highest rate of tax.
Did you/TaxCalc review all options, including carrying back, in case that gave you a higher refund?
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2 posts • Page 1 of 1
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