Self Assessment Calculation

lionsixty

I've just filled out my 3rd yearly self assessment (for year 2011-12) and this is the first year that my sole trading business made a loss (I'm employed full time and on PAYE but I also work self employed as a developer).

I entered my profit (998), my expenses (1487) and my annual investment allowance (392) for a loss of £881.

I was expecting to see an overpayment credit when reaching my calulation, however instead there's a small payment due of £9.20..

I have not yet submitted as I'm unsure as to whether to seek (pay for) an accountant or not, but am I not correct in thinking this should be an overpayment and result in a rebate?

nomunnofun

You need to make a claim to set the loss against your other income in 2011/12. Check again for this option. Otherwise the default position is to carry the loss forward against future self-employed income from the same trade

lionsixty

Thank you, I'd filled in the "losses" section under Self Employment incorrectly. I've entered the loss under "Loss from this tax year set-off against other income for 2011-12" and it has now calculated correcty