help with self assessment re losses

fastmower

Hi, I hope I have posted this in the correct place. I am just completing my self assessment and have come to a stop. I have had two jobs last year (one was seasonal) and I also started a small business, which hasn't deemed profitable, in my spare time. That has now ceased but is within the tax return period. income only 397, expenses 836 to 5th april. I have entered these figures and it tells me I have made a loss, which is correct but the next page says

Earlier years losses which can be set against other income 09/10, or
unused losses carried forward, or
releif now for 2010/2011 trading, or certain capital losses, or
year for which you are claiming releif above.
All these options have nboxes to complete a figure

I really don't know what I am supposed to put in here. I currently work full time, although started some self employment work, which I hope will increase in a years time, maybe enough to leave the employed job. Whats my best option here, and will it generate a rebate. Thank you for your patience and assistance

Gertie_Walker

You do not have earlier years losses, so your options are either to set the 09-10 losses off against your earnings for that year, or to carry them forward to set against future profits from the same business. As your new business appears to be different from the old one, your only option is to set the losses off against your PAYE income for 09-10. If the losses exceed the income, then you have lost these losses.

Mahmood_Reza

Consider how much tax you paid in at last the last three, you have the option of carrying the loss back - the choice of year is deependent on the type of loss claim - but you will get a tax refund. You can carry losses forward against future trading profits and reduce future tax bills. This is an outline only and detail and circumstances are everything.
This is also dependent on the loss claim being accepted.