Im really confused now. Will be ringing business link/inland revenue tomorrow when i get a minute but wondered if any of you know.
I made a loss of almost £2,500 in my first year. Bad I know but this year it has really picked up so if I carry on at the same rate I will break even next year.
Anyway this -£2,500 does it carry over into next years accounts, I thought it would but my mum (who is also self employed) says it doesn't and your accounts start at 0 each year.
I would have thought that would be the case if you had already broke even and into profit but surely you can't just cancel out the loss??
Any help would be great!! xx
I made a loss of almost £2,500 in my first year. Bad I know but this year it has really picked up so if I carry on at the same rate I will break even next year.
Anyway this -£2,500 does it carry over into next years accounts, I thought it would but my mum (who is also self employed) says it doesn't and your accounts start at 0 each year.
I would have thought that would be the case if you had already broke even and into profit but surely you can't just cancel out the loss??
Any help would be great!! xx