There is nothing to claim as there is no profit to pay tax on. However you should still submit your return as the loss will carry over to next year.
Fjayk Trading Ccsays: 11 November 2014 at 11:48
I thank you for your prompt reply, I would also like to know how do you work the profit out for a small business?
TaxTimsays: 11 November 2014 at 12:03
There are many factors to take into consideration depending on what type of small business it is. However generally for accounting purposes it is all the income less the expenses resulting in profit. You would be able to depreciate your assets as well and take that off the income too.
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