UK Can I claim these costs?

[franklintuesday]

I am self employed. A small part of my business involves hiring out equipment which has been quite successful in the past. Unfortunately for the last tax year the returns were only £500 and the costs about £1900. Can I claim all of the costs against my tax? Thankyou

 

[Becky]

Sorry to hear about that, but welcome to the forum.

If you business made a loss you may be able to set it against other income or gains - either in the current tax year, previous years or carry it forward to set against income in future years.

There is some useful guidance here: http://www.hmrc.gov.uk/helpsheets/hs227.pdf

 

[franklintuesday]

Thankyou for your help - it is much appreciated