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Posted Tue, 17 Jan 2023 15:18:28 GMT by devids1 Cafini
Hi all, I started my business as a sole trader in November 2020 and I made a loss as my expenses where higher than my profits. I hired an accountant for completing my tax return for the year 2020/2021. Now, since I believe that my tax return is still quite basic, I'm trying to complete the 2021/2022 Self Assessment myself. The question I have is: Do I need to report the loss I made in the first year on this self assessment or not? This would be my second Self Assessment since I started the business. Thanks in advance. 
Posted Fri, 20 Jan 2023 13:57:20 GMT by HMRC Admin 2

You will include the loss from the previous year as this will now need to be used against any profit that you have for this year or, if still a loss, added to this years figure to carry forward.

Thank you.

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