I have a client who has been self employed for 4 years, he does a bit of network cabling, building work & fishing, the last 3 years he has paid tax but this tax year he has traded at a loss, we anticipate 13/14 being at a loss too. I am of the understanding that each of these types of work even though trading under the same name would be different entities and that if he wanted to claim back tax on previous years we would have to break it down into the different entities. Is this correct or can he claim tax from previous years overall?
i.e 2011-2012 profit £17000 tax paid £xxx
2012-2013 loss £12000 tax reclaim £xxx
Or would I have to break down each income for tax year 2012-2013 this has not been done in the past?
