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

[KatyMac]

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?

bump

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.

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?

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

Er, yes you can.

Full answer posted on other thread.