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Posted Mon, 21 Oct 2024 18:20:29 GMT by petepercent
Hi, My self-employment made a massive loss in the 2019/2020 tax year (I lost a business because of the pandemic). Due to health issues, for the next several years, I then earned less than the tax-free allowance so I had no tax to pay. For the 23/24 tax year, I want to know, can I use my losses to offset my income and my tax bill in the 23/24 tax year - or has too much time passed? If the deadline hasn't passed, and I can claim the loss, will I be able to do the same in the 24/25 tax year, or would this be the last eligible year? Any advice appreciated! Thank you!
Posted Tue, 29 Oct 2024 09:12:31 GMT by HMRC Admin 19 Response
Hi,
You can see guidance here:
HS227 Losses (2024)
Thank you.

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