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Posted about a year ago by LisMur
Hi, I've made small losses ( approx £1000 in total ) over the past 2 years of a new sole trader business. This year I'm in profit £700 for the first time however I'd like to carry forward the 20/21 & 21/22 losses to net the 22/23 £700 profit. BUT although the losses have been reflected correctly in Box 32 of the previous two years SA's. I did NOT fill in Box 35 to enable me to carry forward these Box 32 accumulative losses (a complete novice oversight). Does this mean I cannot offset any of this £1000 20/21 & 21/22 loss to 22/23 SA in order to reduce tax owed this year? Have I messed up? Can I/should I amend this box on 20/21 & 21/22 retrospectively before I complete my 22/23 SA? Or can I use these losses this year to net my £700 profit regardless of the previous years box 35's being empty? Please help :)
Posted 12 months ago by HMRC Admin 25 Response
Hi LisMur,
You will need to amend your tax return to declare that you want to set the carried forward losses against your 22/23 profit.
You would enter the loss carried forward in box 29 of on page SES 2 of SA103S or the equivalent box on the online tax return.
The figure in this box cannot be more than the profit in 22/23.
The remaining losses if any can be carried forward again.
Self-employment (short)
Thank you. 

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