Taxed UK interest - Self Assessment Tax Return

chiro

[Deleted User] wrote:

I asked because you stated that you were a higher rate taxpayer which, logically, suggests that you could recover 40% of your losses in tax relief in this return. Seriously - your thread was about £41 in additional tax - if you made a loss of more than 102 this would be wiped out! If you want any further assistance:

1) What was your total loss in 2014/15 on your self-employment?
2) how much was your total income over the higher rate threshold?

Total loss is around £500. My income is around £3k-£4 over the higher rate threshold (not including personal allowance).

[Deleted User]

If you choose to set the loss against your other income in 2014/15 your tax liability will reduce by £200.

Enter the amount of loss in the box:

Loss from this tax year set off against other income
for 2014–15

That is all that there is to it

chiro

[Deleted User] wrote:

If you choose to set the loss against your other income in 2014/15 your tax liability will reduce by £200.

Enter the amount of loss in the box:

Loss from this tax year set off against other income
for 2014–15

That is all that there is to it

Thank you. I'll try tonight when I'm home.

Why no one writes a comprehensive manual for self assessment. They'll make a fortune!

Goldenyears

Darksparkle wrote: »

They do already get info from banks on interest received.

But not in a way that will automatically link all multiple non-ISA accounts. Not all accounts are tagged with National Insurance Nos. What about joint accounts? Is linking by name/address alone going to work? I suggest not without manual intervention. No wonder it's reported that Banks/BSocs are in the dark about how HMRC want to play this.

Darksparkle

Goldenyears wrote: »

But not in a way that will automatically link all multiple non-ISA accounts. Not all accounts are tagged with National Insurance Nos. What about joint accounts? Is linking by name/address alone going to work? I suggest not without manual intervention. No wonder it's reported that Banks/BSocs are in the dark about how HMRC want to play this.

It already works and is used regularly by HMRC. Name and address are more than enough for HMRC to trace someone.

[Deleted User]

chiro wrote: »

Thank you. I'll try tonight when I'm home.

Why no one writes a comprehensive manual for self assessment. They'll make a fortune!

Agents get one or used to. The last one that I received was 2010/11 - roughly the size and thickness of a telephone book.

chiro

[Deleted User] wrote:

Agents get one or used to. The last one that I received was 2010/11 - roughly the size and thickness of a telephone book.

Lol you can get a PhD on that!

chiro

[Deleted User] wrote:

If you choose to set the loss against your other income in 2014/15 your tax liability will reduce by £200.

Enter the amount of loss in the box:

Loss from this tax year set off against other income
for 2014–15

That is all that there is to it

I think I know why I put nothing in this box in the first place because it gave me an error.

ERROR: There is 1 error on this page.
The amount entered for 'Loss from this tax year set-off against other income for 2014-15' as you have answered 'Yes' to 'Did you use the cash basis, money actually received and paid out, to calculate your income and expense?'. Please amend.

Because I used cash to trade so it seems I can't get a relief?

Is there any other way?

chiro

patanne wrote: »

I do a friend's tax online too and he made a loss using the cash basis too and I got the same error, the only option it gave was to carry the loss forward. I look forward to purdyoaten's response and maybe I can amend.

Let's wait for his respond then. Hopefully, we'll get the answer before sunday night!

booksurr

chiro wrote: »

Because I used cash to trade so it seems I can't get a relief?

you can, but not retrospectively, carry forward is your only option under cash accounting

"Losses
Where losses arise under the cash basis, they can only be relieved:

1. Against later profits of the same trade (see BIM85060)"

http://www.hmrc.gov.uk/manuals/bimmanual/bim70005.htm