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Trade Losses

  • 03-08-2011 11:23am
    #1
    nipper banks
    Registered Users, Registered Users 2 Posts: 37 ✭


    Does anyone know can you claim loss relief (on a Trade) against tax paid in the proceeding year?
    Thanks


Comments

  • #2
    dbran
    Registered Users, Registered Users 2 Posts: 2,094 ✭✭✭dbran


    Hi

    If it is a sole trader then no. You can only carry it forward against future profits or set off against income in the current year.

    If it is a company then yes.

    Kind Regards


    dbran


  • #3
    KildareGeorge
    Closed Accounts Posts: 6 ✭KildareGeorge


    yes you can. however there are certain restrictions re same ie think there is timeframe by which they have to be claimed. also is it sole trader or company losses?


  • #4
    sled driver
    Registered Users, Registered Users 2 Posts: 227 ✭✭sled driver


    KildareGeorge wrote: »
    yes you can. however there are certain restrictions re same ie think there is timeframe by which they have to be claimed. also is it sole trader or company losses?


    How can you say "yes you can" and then go on to ask "is it sole trader or company losses?"

    As already stated by Dbran - a company can carry back losses against a prior year.

    An individual, in general, cannot carry back losses against a prior year, except in the specific situation where there is a terminal loss on the cessation of the trade.


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