hamish698

Hello, I currently have an income of approximately £200 from my recently started YouTube channel. I use the cash basis for this small self-employment business. During the same tax year, I incurred expenses related to this YouTube channel, such as software subscriptions and a camera for recording videos, etc. The expenses exceed my income, resulting in a loss. My understanding is that if I wish to benefit from the higher expenses by carrying forward the loss, I will need to complete a self-employment page. Additionally, since I am using the cash basis, the loss cannot be offset against other income. Instead, it can only be carried forward and set against any potential future income from the same business—specifically, future earnings from this YouTube channel. Could you kindly confirm if my understanding is correct? Thank you in advance for your assistance.