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SE loss offset against PAYE?
meanbean
Posts: 170 Forumite
in Cutting tax
Hi, another query:
If I have a self employed loss of £400 that I have carried forward on my tax return from 2013/14, can I offset it against PAYE from 2014/15? Essentially, can SE losses be offset against PAYE tax paid?
Thanks in advance.
If I have a self employed loss of £400 that I have carried forward on my tax return from 2013/14, can I offset it against PAYE from 2014/15? Essentially, can SE losses be offset against PAYE tax paid?
Thanks in advance.
0
Comments
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No. SE losses can be set against other income for the same year or carried back to an earlier year but once they are carried forward they can only be set against future profits from the same business.
https://www.gov.uk/government/publications/losses-hs227-self-assessment-helpsheet/hs227-losses0 -
Remember you could amend your 2013/14 tax return until 31/1/16, to claim the loss in 2013/14 (if you had other income to set it against).
Just remember the amendment also extends the HMRC enquiry window.0
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