Carryin Back losses

Carryin Back losses

Didn't find your answer?

I have a small sole trader who made a loss in 04-05, and looks like another loss for 05-06, they have since become Ltd as of April 06. Can I carry the loss back to 02/03, if I do so, can I offset it against tax paid via employment Paye as the husband was employed then, Im not sure about the wife.

I guess it would be prudent to not claim capital allowances where there is a loss!!!!
Michelle Wools

Replies (1)

Please login or register to join the discussion.

avatar
By ACDWebb
23rd Jan 2007 22:09

Sounds like you may be able to use
TA s381 - carry back of losses in the opening 3 years against other income of the previous 3 years to the loss - earliest year first

Claim the capital allowances if there is income in previous years the can use them without wasting personal allowances.

If the husband had the trade not sure what relevance the wife has (and of course vice versa if it was the wifes trade) under self assessment, unless perhaps it was a partnership, but you say "sole trader"

Thanks (0)