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write off my tax

  • 06-10-2008 9:55pm
    #1
    soontobesmokin
    Registered Users, Registered Users 2 Posts: 71 ✭✭


    Is it possible to write off a tax liability from last year ( 2007) if you have not earned income from employment only from social welfare the following year?


Comments

  • #2
    LightningBolt
    Registered Users, Registered Users 2 Posts: 1,639 ✭✭✭LightningBolt


    For an individual no barring CGT/CAT, if you've set up as a sole trader and have incurred trading losses this year they may be carried back in certain situations. If you were paying PAYE last year you won't claim anything back.

    Open to correction


  • #3
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    What type of tax.

    Are you a PAYE worker who has lost his/her job?

    If so then the answer is no.


  • #4
    soontobesmokin
    Registered Users, Registered Users 2 Posts: 71 ✭✭soontobesmokin


    Was selfemployed ( paying income tax )for the past few years, closed up shop in March this year, so now not self employed only unemployed at the moment.


  • #5
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    Well then yes. You can use the terminal losses mechanism to go back and adjust your taxable profits from previous years.

    Contact a professional for guidance.


  • #6
    soontobesmokin
    Registered Users, Registered Users 2 Posts: 71 ✭✭soontobesmokin


    Thank you very much for that quick reply. Bit of a weight off the shoulders, and all that.


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