Tax return - offset losses

[Smmy0630]

So I opened my company in 2018 Feb I have Spent £28000 on the business this includes setting up, maintenance, repairs in order to open, stock, equipment, etc. Can I claim any of this back as a loss? If so any idea how I have an accountant but he just mumbles to me about off setting to last year and the year before.. can any one explain please

 

[Jaydee]

An accountant that just mumbles might not be ideal!

Is this a limited company or are you a sole trader?

 

[Smmy0630]

An accountant that just mumbles might not be ideal!

Is this a limited company or are you a sole trader?

Limited company

 

[Jaydee]

All you can do is carry the loss forwards against future profitable years(s) in that case.

If your accountant advised offsetting it against "last year and the year before" then you need a new accountant.

 

[SteveHa]

Why do you think any of this represents a loss? Much of the expenditure is likely to be capital in nature, and purchases of stock is simply cost of sales. Have you made any sales?

More likely, you have lent money to your company to get started, and as the company makes money, you can be repaid.

You don't appear to have a sufficient grasp of accounting or tax principals to DIY this, and I suggest engaging an accountant.