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.
- I have done a terrible thing 290 8
- HMRC property income enquiry 85 3
- two business from one premises 60 2
- Client being taken to court and really do not know what to do 170 3
- AIA 189 16
- Company car but paying for insurance personally - reduces benefit in kind? 271 20
- partnership tax return 94 5
- Client has already received 13/14 tax refund 82 2
- How to deal with CGT relief on Directors Loan following company sale 49 2
- Anyone using BTC Accounts Production yet? 279 6
- Gov.UK - can we have HMRC.gov.uk back? 1,143 27
- Anyone else still working this week? 175 4
- s455 tax 95 3
- Van Benefit in Kind Query 63 1
- LLp Profits 82 3
- Am I getting Soft?? 533 12
- SELLING A PROPERTY at LOSS/PROFIT - CAP GAINS ALLOWANCE 197 3
- Invest in ''buy to let'' property 1,486 44
- Taxation of the sale Record rights 95 1
- How do you find shareholders of a Cyprus Company ? 360 18
- Accounting referance change & deficient accounts. 490
- corporate hierarchy 462
- Advice - 313
- Anyone had HMRC refusing to act on EPS database glitch? 258
- WWOOFers 250
- Art Gallery - Splitting a property between business and personal use 230
- The booking.com con 221
- Tax liabilities in USA for warehoused products 211
- Cocaine anyone? 199
- UK State pension paid in NZ 169