UK Tax advice offsetting losses

Lou

Joined
Apr 11, 2018
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Good evening.
I am a sole trader who has a relatively new business. In my first year I made a loss of £9374.00 which I carried forward. I am in the middle of completing my self assessment tax return for 2017/18.
This year i made a profit of £12051.50 when I come to the end of the return the calculation says I would need to pay £579.00. I have not offset any of my previous losses. My question is should i offset my losses and if so how much of them should i offset?
I'm unsure if I would be better off paying the £579.00 to carry all the losses forward which I can offset next year when I (hopefully) make more of a profit. Any advice would be greatfully received.
Many thanks
Lou : )
 

Lou

Joined
Apr 11, 2018
Messages
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Hi becky,
Thanks for your comment and the link. Very useful. Tax return submitted and losses offsett : )
 

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