My client purchased a wake boarding business and boat back in 2009.
The business has run at a loss since that time, and has not been included on any tax return
What is the best way to bring the accounts up to date? Can I put it all thorugh on this year's tax return? Can I use up the loss to offset against profits on his rental income and plumbing business?
Many thanks
Replies (1)
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No
Because as a matter of fact the trade began in 2009 (unless you are mistaken?) and the expenses to date cannot be pre-trading expenses. I'd suggest a full disclosure to HMRC and also have a stab at an "Opening Years" claim; I think the cut off is two years from the end of the tax year of loss, so you could still use the 2011/12 loss and maybe 2012/13 (if he started in 2009/10 not 2008/09.