Talk

Advanced search

Mumsnet has not checked the qualifications of anyone posting here. Free legal advice is available from a Citizen's Advice Bureau, and the Law Society can supply a list of local solicitors.

Losses on a Self Assessment form....help??

(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

bump

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.

HTH.

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.

Join the discussion

Join the discussion

Registering is free, easy, and means you can join in the discussion, get discounts, win prizes and lots more.

Register now