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.