Can anyone confirm using the figures below, what is the trading loss that can either be carried forward or set off against earlier years income:
Profit per accounts £3,800
Less AIA (capital expenditure) £5,300
|Net business loss for tax purposes £1500|
Is the trading loss £1,500 or is it actually a profit of £3,800?
If it is a loss of £1500, I want to offset this against prior years tax paid under PAYE, if I can. This is the first year of trade.
Frustrated as I cannot see an clarity on HMRC's site to this rather basic point!
Sorry if I am being stupid.