Carrying Back Losses
Julie2011
Registered Posts: 33 Epic contributor 🐘
Afternoon
Could someone possibly clarify carrying back losses for me as I think I have it but not sure!
Client has made a loss in YE 2011, he has other income from a part time job. Can I off set a portion of his loss against this year (preserving his PA) and carry back the remaining loss to the previous year when he had a full time job and off set the remainder? or do I have to off set the loss against all of 2011 income (only job)then carry balance back??
Thank you for your help.
Julie
Could someone possibly clarify carrying back losses for me as I think I have it but not sure!
Client has made a loss in YE 2011, he has other income from a part time job. Can I off set a portion of his loss against this year (preserving his PA) and carry back the remaining loss to the previous year when he had a full time job and off set the remainder? or do I have to off set the loss against all of 2011 income (only job)then carry balance back??
Thank you for your help.
Julie
0
Comments
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I don't think that you can preserve the personal allowances but you can carry all the loss back to 2009/10 instead of using some of it in 2010/11.
Just a word of warning though - I've done this a couple of times in the past year and it's been a nightmare getting the tax back. It's not enough to enter the carried back amount on the self employment pages - you have to work out the refund and complete the relevant box on the tax calculation page - can't remember off the top of my head what it's called.0 -
Ok, ill do that! was only about £200 for 2011 anyway, thanks for the tip re the box, did see you had posted something about this on a previous thread when searching carry back losses!
Thanks again
Julie0
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