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Posted Mon, 26 Aug 2024 10:05:27 GMT by Susan Purcell
Hi I am employed and self employed. I made a loss from self employment and it is my first year of trading. I have filled in that I made a loss, however, I thought that this would be off set against my PAYE income, but this has not happened. I have looked through all the help sheets and no matter what I enter my tax is not being deducted. Can you please highlight the exact boxes where I should be putting my loss figure so that it offsets against the tax that I have already paid for 2023-2024 please. Thanks.
Posted Fri, 06 Sep 2024 08:51:43 GMT by HMRC Admin 20 Response
Hi,
It actually depends on whether you use the cash basis or traditional accounting on whether the losses can be used. you should telephone 0300 200 3310 for your records to be reviewed and the correct advice given.
Thank you.

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