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  • FIRST POST
    • rob98078
    • By rob98078 17th Jul 17, 3:33 PM
    • 8Posts
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    rob98078
    Tax Return Foreign Income and Self Employed
    • #1
    • 17th Jul 17, 3:33 PM
    Tax Return Foreign Income and Self Employed 17th Jul 17 at 3:33 PM
    Hello,

    I am a UK resident who worked abroad last year for a foreign company and was paid NOT via PAYE.

    At the same time I was classed as self employed and had my own business in the UK.

    Can I pool my profits from working abroad and the profits from working in the UK when performing my tax calculation?

    For example if from my foreign earnings I owe 5K tax, but I make a loss of say 2k on my UK business. Can I subtract that 2k from my 5k taxes owed?

    Thanks
Page 1
    • purdyoaten2
    • By purdyoaten2 17th Jul 17, 4:03 PM
    • 709 Posts
    • 315 Thanks
    purdyoaten2
    • #2
    • 17th Jul 17, 4:03 PM
    • #2
    • 17th Jul 17, 4:03 PM
    First and foremost you do not get relief against TAX for losses - you get relief against income. In other words, your income would be reduced by £2000. I would need more details on the nature of the foreign income before ascertaining whether even that is possible.
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