Anthony Bedell
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Self assessment
Hello I started a business in June 2022 after a teaching career and because of substantial training costs made a sizeable business loss of £91 857 in 22-23. This resulted in £1 500 tax rebate on the teaching income on which I had paid PAYE. 1. In 22 - 23 I had other income of £18 617; will my loss carried forward be reduced by the whole of the 18617, ie I lose the personal allowance? 2. Where on my records can I see the amount the HMRC is carrying forward as losses? In 2023-24 I have net business income of £16191, and other income of £10 197 - largely teachers pension (no tax deducted). I have entered all this on a draft 23-24 tax return. 3. Once again, do I have to apply losses of 16191? 4. I read somewhere you could only apply 80% of losses ie .8 x 16191 = 12953. Is that right? 5. Chiefly, whenever I apply any of these figures on my 23- 24 draft return in Loss brought forward from earlier years set-off against 2023-24 profits:" it comes up with "Warning". Can you tell me what I am doing wrong please? All other entries are being accepted. I still cannot see what brought forward losses HMRC are using. Thank you Anthony Bedell