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Where Taxpayers and Advisers Meet

Carrying expenses forward

DPGD
Posts:1
Joined:Tue Jun 28, 2022 10:51 am
Carrying expenses forward

Postby DPGD » Tue Jun 28, 2022 10:59 am

Hi guys,

my issue is as follows...

For the tax year 2021 - 2022 I earned 14,224.09
After deducting my personal tax allowance my taxable income stands at 1,654.09
however, I have expenses for this year of 9,728.79

So my question is, Can I carry these expenses forward to future years?
Can I use part of these expenses to offset my payable tax for this year (330.18)? and carry the rest forward?
Would I be better of just paying the 330.18 and carrying all my expenses forward (assuming this is possible).

Thanks for any help you can offer on this.
DP

pawncob
Posts:4917
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Carrying expenses forward

Postby pawncob » Wed Jun 29, 2022 11:33 am

What are these "expenses" and why are they tax deductible?
With a pinch of salt take what I say, but don't exceed your RDA

Jholm
Posts:290
Joined:Mon Mar 11, 2019 4:22 pm

Re: Carrying expenses forward

Postby Jholm » Wed Jun 29, 2022 2:00 pm

No but without further info, can't be too specific.

You might be able to capitalise some items for the purposes of capital allowances and disclaim the allowance for the year, leaving extra allowances for future years. But your post doesn't say in what capacity you are working. Eg. if you are an employee, those expenses probably aren't all allowable.


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