Tax rebate?

[2madboys]

Hi everyone. I work part time (pay tax on this) and also have a part time self employed business. My own business last year is not showing a profit on paper and I did my tax return last week. Can anyone give me an idea of the rebate I might receive as I could do with knowing but the phone line is saying not to contact them until three weeks after requesting rebate. I think the amount would be one fifth of the loss for the year. Anyone got any ideas? Thanks

It depends. First, I'm assuming you chose to offset the loss against other income in the year.

Then the tax refund depends on how much this income was and how much tax you paid. You can't have back more than what you have paid in the year. Therefore if you didn't pay much tax through your employment you may not get the full fifth back. Sometimes it's more beneficial to carry the loss back or forward instead but this decision depends on actual figures.