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

[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 slipt it between years can I?

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

Are you in for a busy Sunday?

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

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

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

Thanks!

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.

It's the most orrible bit of being freelance!

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

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

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?

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

Never mind