Claiming for losses

[Unicornchris]

Hi,

Can I claim for losses from 2010-11 (for self assesment) if I made a net profit of £1800 but had capital allowances of £2100 (resulting in a loss of £300). eg. Can this be carried forward to 2011-12. I have a bad feeling I can't but wondered if anyone could fill me in?

Thanks

 

[Mitchells Bristol]

Yes - if this is a trading loss it can be carried forward to offset future profits from the same trade. Alternatively it can be carried back to 2009/10.

 

[Unicornchris]

Thanks a lot for your help!