L is for losses

L is for losses

L is for losses - A to Z Accountancy Top Tips

If you are self employed and you make a loss or have a share of a loss in a partnership, you might be able to get a tax refund.

A loss occurs when you have more business expenses than business income.

You can use this loss in a number of ways.

L is for losses

  • Used against other income in the same year to reduce the tax you owe or possibly get a refund.
  • It can be used against income received in the previous year and you may be entitled to a tax refund.
  • If you have any losses left over, you can carry these forwards to offset against future profits.

If you have made losses and would like a chat how is best to utilize these then please get in touch for a free chat.

Thank you for reading this weeks blog – L is for losses, see you next week.

Flo

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