Taxback for un-employed business owner

T

thinkpositiv

Guest
Hi
My husband is now an unemployed tradesman, he finished up in Dec 2008. He had a construction business for 5 years. Can he claim tax back? thank you
 
If he's overpaid tax then yes

Going to need a lot more info though
 
If he filed his self-assessment returns up to and including the year of cessation in 2008 then any over or under payments would have been dealt with on them ( assuming everything was returned correctly). However as DB74 said, more information is really needed.
 
Taxback

If he was a sole trader he may be entitled to claim termination relief. If he paid income tax in the three tax years before year he ceased trading he can set off any loss made in final year against those previous three years.

If he traded through a company this can also be claimed but only against the corporation tax of the company.