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Posted Sat, 06 Jan 2024 20:15:18 GMT by
I am past retirement age and, every year, a little hobby business that I run makes losses. One day it may make a profit. How do I ensure that past losses are retained, so they can be set against any future profits?
Posted Wed, 10 Jan 2024 16:11:37 GMT by HMRC Admin 10
If you complete a self assessment tax return (If your hobby turnover is more than £1000 pa, a tax return is required) you can claim losses for your business and elect to carry them forward and set against a future profit.  Where a tax return is not required, you can write to H.M. Revenue and Customs Pay As You Earn BX9 1AS, claiming losses and supporting your claim with a calculation showing the losses, so that they can be set against a future gain.

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