An A to Z of Tax from...

Tax Glossary



Welcome to the Taxbuddies glossary. To help you interpret the jargon that you can come across in dealing with your tax, our team of experts have written a brief explanation for hundreds of technical terms. Click on a letter to show entries.

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Lettings : See rental income, furnished holiday lettings and furnished lettings
Loans : See Qualifying Loans
Losses - Carry Back : Business losses may be set against other income for the year. This is not always possible or desirable though. You may instead elect to have the loss set against income for previous years. This is known as a carry back of losses.
Losses - Carry Forward : Business losses may be set against other income for the year. This is not always possible or desirable though. You may instead elect to have the loss carried forward to set against income for subsequent years. This is known as a carry forward of losses.