Are you doing your own tax returns? Client claimed back £1200 in loss relief

In News by Caroline

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.

If you’re worried that you could be paying more tax than you should be, or that you may not be managing your accounts in the most tax efficient way then get in touch and we can help.