A Losing Year

[Sanook]

Hello,

I was wondering. If you have a losing year and make no profit, what do you actually put on your tax return. I have left the box blank regarding profit, but am I supposed to enter the loss anywhere.

I've read HS227, and when I try to enter the loss into box to claim from previous years, it brings up an error.

Could anyone please provide an example of entering figures for a losing year.

Thanks.

 

[rathcoole_exile]

sanook ??????

u know u can write off ladyboy barfines against tax ? just ask new_trader ..........

 

[Sanook]

sanook ??????

u know u can write off ladyboy barfines against tax ? just ask new_trader ..........

555,

But where do I put the bar fine expenses.

I'm just asking as I don't know if you can get any relief from previous years tax. Or, whether you just accept that you lost money and aim to do better next year.

I wasn't very active in my trading for this tax year, but made a loss nevertheless.

Just wondering if there's any extra I can get back. The tax form is already saying I get some of my bank interest tax back, but is there more.

So just to clarify, if I made zero profit, but a few thousand loss, do I enter that few thousand loss anywhere on the form.

Thanks.

 

[timetotrade]

Are you looking to offset the loss against income (ie you have trader tax status) or capital gains (investor tax status)?

 

[Steve2004]

You can offset the loss against this year's other income, carry it back to the previous year against related gains or carry the loss forward against future related gains. The rules will also change depending on whether you are treated as trading or investing.

I would suggest asking a professional to complete the tax return for you where losses are involved, as the different methods above are all treated differently on the return.

Normally, any costs associated with ladyboys wouldn't be allowable for tax.

 

[Technically Fundamental]

Normally, any costs associated with ladyboys wouldn't be allowable for tax.

Unless you wholesale or rent them out for entertainment purposes.