Treatment of Business Losses?
For 2007 I made a trading loss of £10,000 mostly due the purchase of machinery. I claimed this back via the Inland revenue and after an investigation the Inland revenue says I can only claim back 22% of this and not the whole amount.
Sounds bizarre, as the Inland Revenue help booklets and working documents and on line software all allow record and claim for the whole amount.
Can any one assist please?
Answers: 22% is the tax relief on your losses - you don't get a refund of your losses - only the tax relief!
Probably due to depreciation. As you bought machinery, it has a useful life and you cannot put it all against P/L in this year. You must divide the cost over the useful life of the machinery and post that to P/L each year.
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Sounds bizarre, as the Inland Revenue help booklets and working documents and on line software all allow record and claim for the whole amount.
Can any one assist please?
Answers: 22% is the tax relief on your losses - you don't get a refund of your losses - only the tax relief!
Probably due to depreciation. As you bought machinery, it has a useful life and you cannot put it all against P/L in this year. You must divide the cost over the useful life of the machinery and post that to P/L each year.