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Posted Tue, 17 Jan 2023 20:18:44 GMT by sandie nicholson
Hi I have just completed my self assessment - my small business made a loss last year. On the tax calculation I can only see that the income from my employment is being used. There's no sign of the income/loss from my business and it's saying I owe tax. How is that possible when I made a loss?
Posted Fri, 20 Jan 2023 15:33:29 GMT by HMRC Admin 2

If you have used the cash basis, you cannot set your loss against your other income.

The loss can only be carried forward to future profits from the same trade.

Thank you.

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