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Posted Tue, 01 Nov 2022 23:53:24 GMT by CSw
Hi, A query, during the last financial year I extensively traded various derivative instruments, I meet the several BIM to meet this requirement. I did however incur a loss. I would like to offset this against my regular employment income which is PAYE, both PAYE and Trading roles are in finance, my accountant has suggested the PAYE and Sole Trader must be similar style businesses. Is this the case, or am I able to offset regardless of the nature of my PAYE income? My preference is to do this rather than offset against future trading income ( as I have stopped), and ideally dont see capital gains offsets being sufficiently high to warrant using this in the future either. Thank you
Posted Fri, 04 Nov 2022 14:37:43 GMT by
Hi CSw,

You do not say which tax year that the losses ocurred.  

If the losses arose between 6 April 2021 and 5 April 2022, then the loss can be declared on your 2021-22 tax return and set off against other income in that tax year.  

The paper supplementary self-employment pages have the followng boxes, depending on the self- employment page used.

 Forms SA103S box SES2.33 and SA103F box SEF4.78 named "Loss form this tax year set off against othe income for 2021-22".

Here is the link to the paper supplementary pages: 

Self Assessment tax return forms


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