We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Self employed and making a loss
domfrizby_2
Posts: 8 Forumite
My wife works part time and is also self employed. The self employed part is making a loss at the moment, is it ok to offset the loss against her earnings?
0
Comments
-
Yes she can offset her loss against any PAYE tax paid. And if you are getting Work tax credit it can also be used for that as well. But in a different way - not sure what one you want it to apply to though.0
-
thanks what do you mean in a different way? I want to understand this, is there a link to a good source of info?0
-
Here is the bit about tax credits :
http://www.hmrc.gov.uk/manuals/tctmanual/TCTM04004.htm
The S/E part is total net loss set against any tax paid in the relevant tax year and it can be carried forward to future years if there is too much for one year. HMRC enquiry line should be able to help you more though.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards