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Posted Sun, 30 Oct 2022 20:57:57 GMT by agaiga
Hi, can I use self-employed carried forward losses from past two years to offset against employment income or another Self-Employment profits in current tax return? If so how to do this through online Self Assessment? My situations is as follows - in 19/20, 20/21 and 21/22 I had two self employments. Self-employment A always had profits, Self-employment B always had loss - first and second year carried forward, business ceased in 21/22 with a loss. I want to use carried forward losses to offset against employment from 21/22 or profits from Self-employment A. Hope someone can help as I couldn't find this option anywhere.
Posted Thu, 03 Nov 2022 11:44:27 GMT by
Hi, agaiga,

 Losses arising in the year can be set against other income in that year only.

The carry forward of losses can only be set against profits of the same business in a future year. 

You can find guidance here: 

Relief for trading losses (Self Assessment helpsheet HS227)

Thank you. 


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