Help - Self Assessment - Two Self Employments

tiadok

I have two self employments, one that has always made a profit and one that has so far always made a loss. So far I have always carried forward the loss as I thought this was my only option. I have been informed that I could have offset the loss against other income. Does anyone know whether this is the case as would like to write to my tax office before 31 Jan 2006 to amend last years tax return?

roger56

Yes you can.
Being self employed you need to ask for a self employment form in addition to the standard returns form (form is SA103). You'll need to fill in one for each
type of self employment, so in your case you'll need to fill in two-here they are: http://www.hmrc.gov.uk/forms/sa103.pdf

The form has a section called "adjustments to arrive at taxable profit or loss".
I'd recommend getting an accountant for at least the first year. Correctly working out income / expenditure and any capital allowance can be quite time consuming.

tiadok

Thanks Roger56 for your quick reply and your advice. I have been doing my own accounts as they are quite straightforward, or so I thought! I have just phoned my tax office who were very helpful and explained what to do.

roger56

Great! I've always found them helpful. And if you don't know, there's no harm in saying so.