Trading losses are they after Annual Investment Allowance?
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.
- Mortgage Reference 723 10
- S455 and February year ends 81 3
- No PAYE Registration but need auto enrolment 325 8
- Taxation of sinking fund contributions 338 3
- RTI offline? 68 1
- Right To Manage Company 217 4
- Day allowance working in Qatar 105 1
- S.455 Tax again 217 1
- Marriage Allowance 69 1
- Giving shares away 265 6
- Entrepreneurs relief after enhancement 592 5
- Incorporate to utilise dividend allowance next year? 196 5
- HMRC having technical difficulties 615 15
- Closing down loss-making company 358 4
- Where to post pension on sa100 159 4
- IR 35 Company - Timing issue 266 2
- Rent a Relief for small husband and wife run guesthouse 722 5
- VAT disaggregation 231 3
- What are HMRC implying? 642 2
- Ltd Company CIS Repayments 137 2