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Posted Sat, 30 Dec 2023 12:27:48 GMT by
I have let's say a self-employment which made a £10,000 profit and a Partnership which lost £5000 I assumed that when I put these both into my self-assessment declaration I would end up with a £5000 profit overall. when I put in it gives me a £10000 profit to pay tax on. I must be missing how to claim the loss against the profit this year assuming that is possible. any help would be appreciated.
Posted Tue, 09 Jan 2024 13:54:34 GMT by HMRC Admin 32

You cannot do this, the loss will be carried forward to set aganst any future profits from the same source.

Thank you.

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