Many of our clients come to us after a period of doing their own tax returns. In every business there will be opportunities to save money by doing some of the work yourself, but sometimes this can be a false economy. Recently after reviewing a new client’s accounts we discovered that in 2 of the years we identified a loss due to high costs.
What the client hadn’t been made aware of was that in any year that your business makes a loss, this can be carried forward and off-set against future income.
Our client was delighted to know that we were able to go back two years and claim back the loss relief, gaining the client a repayment of £1,200.