JKH

Perfect thank you for your clarification. Can I ask an additional question? If the profit is £0 after offsetting the loss on the second business and the profit for the first business is less than then class 2 NI contributions....does the profit from the second business (before the loss) count towards NI threshold?

OK so I offset the profit I have made against last years loss at the exact amount and any remaining loss is carried forward. Eg loss of £1000 2022-2023 profit of £300 2023-2024....I put £300 in loss to be carried forward leaving a £0 profit and £700 can be carried forward to 2024-2025. Is that correct?

Hi I am filling out my self assessment... 2022-2023 I made a loss in my new business. Last year 2023-2024 I made a small profit. On the page where it says 'Other Tax Adjustments' and you see your profit and underneath 'Loss brought forward from earlier years set-off against 2023-24 profits:' Do I put my loss from 2022-2023 here? Do I put the full amount of loss from the previous year? I isn't showing a calculation....Will any remaining loss left over be carried forward again? I am on a cash Basis. At a loss how to complete this part !!