Self employed - now working - how to claim tax back?
Options
tmcd01
Posts: 186 Forumite
in Cutting tax
Hi, was self employed from start of tax year until September - this resulted in a loss of £4000. Since Nov been employed paying PAYE. Im likely to earn £6000, with a tax code of 747L. After recording my loss, how do I offset my loss against my earnings and claim back the tax i have paid on PAYE? or is this done automatically after i file my self assessment? Am confused!
Thanks
Thanks
You tried your best and you failed miserably. The lesson is 'never try';)
0
Comments
-
They very rarely do this without a full tax investigation and they comb the nits from the nits hair !Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
-
with a total income of 6000 and a tax code of 747L you shouldn't pay any tax anyway so there will be no tax to reclaim0
-
Hi, I'm on a M1 emergency tax code and am paying PAYE based on month 1 every month. Will the tax I pay automatically be refunded if I don't reach my personal threshold for the year? And does myself employed loss get subtracted from employed earnings? And if so how do I do this or is it done automatically when I complete my return?You tried your best and you failed miserably. The lesson is 'never try';)0
-
It will be done automatically when you file the 11/12 return. The refund may be held back if they decide to do a check on the return though.0
-
And if so how do I do this or is it done automatically when I complete my return?
File your Return as soon as possible (around mid April). Once it's been processed any refund should be made. Then get on to HMRC to get the 'Month 1' removed. Although it should be less of a problem in a full year of PAYE, still get it resolved and on to a cumulative Code.If you want to test the depth of the water .........don't use both feet !0
This discussion has been closed.
Categories
- All Categories
- 343.3K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 248K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards