Quiet year - tax losses

[SimonMac]

Well let's just close the accountancy forum, given the responses above we might as well get rid of it because not everyone is a qualified accountant.

You really wanna happen when a post like this moved to General

[JB3000]

Hi all – just doing my accounts and CT600 and note that I didn’t invoice anything in the period (1/4/14 – 31/3/15). I’ve paid myself wages and have some other minor expenses, which give me a loss of c£10k, and a potential tax reclaim of c£2k at my usual rate of 20%. What are my options here as regards reclaim (carry forward / carry back?), and am I barking up the wrong (Xmas) tree?!

Thanks!


Rob

Carry back the loss and claim the corporation tax refund- just because you wasn't invoicing doesn't mean you wasn't working (you would have probably been looking for work, applying to work, going for 1st/2nd interviews, chasing up recruiters, advertising on linkedin/job boards, dealing with HMRC, etc) and as such deserved to be paid a salary. Making a loss is all part of being in business- not every business will make a profit in every single year that it operates (just ask tesco).

There are a lot of tulip heads on this forum who for some reason who feel compelled to shriek "ask your accountant". Just ignore them- as you have probably noticed they probably have lots of unresolved personal issues.

[Scruff]

Weren't not wasn't, FFS, this is a Professional Forum!🔧🌞

[SlipTheJab]

Weren't not wasn't, FFS, this is a Professional Forum!🔧🌞

ennit!

[Robbyell]

Thanks JB3000 - excellent reply - the kind of thing I'd expected when I posted - your personal experience, a few things to watch for, a friendly helping hand. Yourself and Snarf get "Top Poster of the Year"; if you're cursing your bad luck that this only gives you 3 more days of Top Doggery, well, my Financial Year ends March, so have another 90 days of privileges!

My final comment on this would I guess be that the question and answer weren't rocket science and don't need an accountant to answer. I tell you what: it's a good job that accountants are honest enough not to charge you for stuff you could do yourself, or there'd be massive overcharging and a lot of us would feel proper idiots... Imagine!