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Can anyone talk to me about losses on my self assessment form?

(15 Posts)
KatyMac Sun 21-Sep-08 09:19:30

I made about an £8000 loss last year

I also earnt £5000 in a job (taxed at BR)

So how do I offset the loss - is it against

07-08 tax
08-09 tax or
06-07 tax

Or have a completely misunderstood

I can't slipt it between years can I?

littlelapin Sun 21-Sep-08 09:21:10

Message withdrawn at poster's request.

KatyMac Sun 21-Sep-08 09:24:46

Ummm Lapin.....it's due next Tuesday sad

Are you in for a busy Sunday?

UnquietDad Sun 21-Sep-08 09:24:50

Heck, when is the deadline?? I always do mine online between Xmas and new year.

UnquietDad Sun 21-Sep-08 09:25:44

Is it end of Sept for paper forms but end of Jan 09 for online?

KatyMac Sun 21-Sep-08 09:26:59

It's end of setp if you want them to do the maths & end of jan if you are prepared to get it wrong do it

littlelapin Sun 21-Sep-08 09:27:47

Message withdrawn at poster's request.

UnquietDad Sun 21-Sep-08 09:28:29

Thanks!

UnquietDad Sun 21-Sep-08 09:29:24

No, I don't think you have to do it yourself if you leave it till end of Jan - the past two years I have done it on the website and it works it out for you.

littlelapin Sun 21-Sep-08 09:29:37

Message withdrawn at poster's request.

UnquietDad Sun 21-Sep-08 09:30:03

It's the most orrible bit of being freelance!

KatyMac Sun 21-Sep-08 09:30:57

Yep that's for paper

Sorry to have worried you all

I am due a fair rebate so I wont to do it now so I get it before Christmas

WestMidsAccounts Mon 22-Sep-08 16:47:40

I really shouldn't tell you this because it will only encourage procrastinationgrin but this year it's 31st October for paper filing and 31st Jan for online.

MrVibrating Tue 23-Sep-08 02:46:52

KatyMac,

I am afraid it is not simple, but it is all explained in this leaflet.

The issue you have is that with earnings of only £5,000 from employment (you will need to add any income from savings etc.), you should hardly be paying any tax in 2007/08 year anyway because of your personal allowance. So ideally, you want to use the losses to reduce income in a different year.

How much profit did you earn from the business in 2006/07? How much do you expect to earn in 2009/09? Was the business set up after 5 April 2004, because you might be able to set off against profits in 04/05 and 05/06 as well?

KatyMac Tue 23-Sep-08 07:45:45

I gave up & rang a man - who said to offset it against future years because I haven't really made much profit ever sad

Never mind

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