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Anyone know about making a loss and carrying it back?

3 replies

1234ThumbWar · 07/02/2011 16:25

I made a loss this year, which was my last year of trading. The previous year I made a profit and also had to pay some on account.

I filed my tax return by myself this year as I can't afford an accountant being that I'm no longer trading. I checked the box to have this years loss carried back to last year. Today I've looked at my account online and they are quoting an overpaid amount that only relates to the amount I've paid on account. Am I likely to get the amount of the loss back in tax? So if lets say this years loss was £1,000 should I also get a rebate of £1,000 as well as the money on account?

OP posts:
greedychops · 07/02/2011 16:27

It's treated as if you earned £1000 less last year so for 1000 loss, you would get back £200. Assuming you were paying 20% tax.

Talkinpeace · 07/02/2011 17:57

agree with greedy - you can only get back tax you have paid

1234ThumbWar · 08/02/2011 11:26

Doh

of course, I knew I wasn't thinking straight - thanks.

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