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Posted Wed, 24 Jan 2024 23:00:06 GMT by
Hi, can I carry small losses forward as in both the last 2 years I didn’t earn anything (through self employment) but paid for training (mainly in London) and travel. In 2021/2022 my turnover was less than £1000 so I ticked the box then didn’t have anywhere to show the expenditure. Again In 2022/2023 my turnover was less than £1000 so I didn’t have anywhere to show the expenditure. In 23/24 I’m likely to earn just under £1000 so can tick the box again. For background I'm a fitness instructor, gave up group classes because of covid and trained in Pilates. I've always worked part time PAYE alongside my self employment but not earned enough to offset the expenses against. I'm hoping I can put 3 years expenses (£2,590 + £952 + £800 = £4,342) in my 24/25 return as then I'll have some earnings to offset them against. Is this possible?
Posted Mon, 29 Jan 2024 11:55:24 GMT by HMRC Admin 32

If you want to claim actual expenses to then claim a loss, you would need to declare this in the return even if the income from self employment was below £1000 and as such, you will need to amend the returns. Please also refer to guidance in relation to allowable expenses.

Please see guidance below, in particular training courses.

Expenses if you're self-employed

Thank you.

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