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Losses on a Self Assessment

(5 Posts)
KatyMac Sun 21-Sep-08 09:24:09

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 split it between years can I?

KatyMac Sun 21-Sep-08 10:17:06


inscotland Sun 21-Sep-08 10:56:05

You can't offset self employed losses against employed earnings. You can however carry the loss forward and use it against future self employed earnings.


KatyMac Sun 21-Sep-08 11:04:49

Not even if the employed earnings are below my tax free allowance....oh I see I get that as a tax refund not as an offset?

MrVibrating Tue 23-Sep-08 03:25:49

Quote: "You can't offset self employed losses against employed earnings. "

Er, yes you can.

Full answer posted on other thread.

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