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Carrying over a balance

10/01/2018 16:43:21
10/01/2018 16:36:14
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I established my gardening business at the beginning of the 2016/2017 tax year and registered as a sole trader. I intend to submit my tax returns on a cash basis. during the tax year I purchased a van and other machinery and tools outright which the costs of which are greater than my profits. Can the balance be carried over till the next year? do you have any advice regarding the best way to handle this?
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Carrying over a balance

11/01/2018 13:53:42
Hi

You can carry forward losses - you can obtain more information using the following helpsheet - HS227 Losses (2017). Access gov.uk and enter HS227 Losses in the search box.

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