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Posted Tue, 23 Jan 2024 19:06:29 GMT by
Hi, I am self employed completeing my self assessment. I had a loss in my business last tax year (2121-22). I added it to my self assessment for this year (2022-23) to offset against my taxable income. I added it under 'Loss brought forward from earlier years set-off against 2022-23 profits:'. When I go to the 'check your return' page it gives me a 'warning' against 'correct adjustments' and asks me to check the entry where I've added the loss. I've double checked and the amount is what was in last year's self assesment. I don't knwo what I'm doing wrong. Can anyone help please?
Posted Fri, 26 Jan 2024 13:54:26 GMT by HMRC Admin 25
Hi McFishie,
If you use the cash basis for your self employment, you cannot set your losses against your other income and it must be used against the same self employment source.
Thank you 


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