J F

Hi, I keep getting a warning message about the loss carried forward figure on my self assessment tax return. Profit for 2023/24 (my third year of being self-employed) is £8097. I have unused losses of £13572 from 2021/22 and £48 from 2022/23 respectively, giving a total loss to carry forward of £13620. I was trying to use exactly £8097 as a loss for 2023/24, but it is showing me a warning message when I try to enter this in. Is this because my profit is still below the personal allowance threshold, and therefore does not require any previous losses to be used at all i.e. it would be wasted? Am I able to hold onto the full £13620 of unused losses for, say, next year? I cannot find any clear, helpful information on this topic so anyone's assistance would be very much appreciated. Thank you

Hi, I keep getting a warning message about the loss carried forward figure on my self assessment tax return. Profit for 2023/24 (my third year of being self-employed) is £8097. I have unused losses of £13572 from 2021/22 and £48 from 2022/23 respectively, giving a total loss to carry forward of £13620. I was trying to use exactly £8097 as a loss for 2023/24, but it is showing me a warning message when I try to enter this in. Is this because my profit is still below the personal allowance threshold, and therefore does not require any previous losses to be used at all i.e. it would be wasted? Am I able to hold onto the full £13620 of unused losses for, say, next year? I cannot find any clear, helpful information on this topic so anyone's assistance would be very much appreciated. Thank you