Trading loss for tax credits
George
Registered Posts: 43 Regular contributor ⭐
For tax credits (groan...!), and to set a current year trading loss against any other income for the year, is the figure for tax credits Box 64 on the SA100 (tax adjusted loss)? I would have thought so, rather than the Box 47 figure (net loss before adjustments). I have taken on a new client who has previously been advised to use the Box 47 figure.
Many thanks!
Many thanks!
0
Comments
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Check out the HMRC website on tax credits, but it is the tax adjusted loss for that year.0
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Thanks for your quick reply, TC. I can't see anywhere on the HMRC website that confirms this, it just talks about a 'trading loss'......0
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http://www.hmrc.gov.uk/taxcredits/start/claiming/income-hours/self-employed-income.htm
Try the above link and "what to take off - step 2"
That will tell you what you want to know. However, if you are your client ring the information in, you will probably find that the adviser doesn't know all the details and you may need to quote their website to them - I did!0
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