Hi,
I have a client who I have done the personal tax return for in 2015 and 2016. 2015 had a loss and he opted to relieve it against his employment income for that year as he felt he was going to make a profit in future years. After doing the return for 2016 he has made a loss again. Can this loss now only be carried forward?
Thanks
Replies (4)
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It is "for whom I have prepared" Amy.
More information will be needed to answer your question though. Is there other (eg employment) income in 2016? Might an early years' loss claim be appropriate?
Indeed. Each year's claim is a new one.
And don't forget to carry forward your Class 4 losses. That's a separate claim too.