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.
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