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 : )
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 : )