Self Assessment: can't enter Loss Brought Forward from Earlier Years

Dazed_and_C0nfused

I've just looked at the paper return (SA103S) and the box numbering is totally different which seems a bit odd.

Box 34 is something totally different, it's box 29 you would be using 🤔

Bimbly

Dazed_and_C0nfused said:

I've just looked at the paper return (SA103S) and the box numbering is totally different which seems a bit odd.

Box 34 is something totally different, it's box 29 you would be using 🤔

It *is* Box 29.

You can only see the box numbers when you view the form as a PDF (not when you're filling it in, unhelpfully):

Jeremy535897

The reference to 34 is to a note somewhere.

Bimbly

Jeremy535897 said:

It's not something I am familiar with. Are you able to submit a "test in live" to HMRC using their software? That would tell you whether the return will be accepted on live submission, and you can also check that the tax is correct and hasn't been altered.

I think it just does it all on the website, the calculation and everything. You just submit it. The only thing you can do is submit it with "provisional figures", but you're still supposed to finalise them by the end of January anyway.

Suspect I will submit it with that warning in place. I may or may not add in additional comments to explain what's going on, but they have my carried forward losses from last year on the previous return.

I think, as far as I can tell, it might just be a note for you to double check if the figure is correct. It will still accept the figure. I know that if I type in a figure which is more than my profit, it tells me that I can't do that. 

tightauldgit

Bimbly said:

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I'm maybe missing something but what's the benefit of carrying forward losses to offset a profit where you wouldn't be paying tax anyway? 

Jeremy535897

In case taxable profits are made in the future. As an aside, OP should also keep a record of losses for class 4 NIC purposes, which are different from trading losses carried forward, because they are not reduced by sideways loss claims against non-trading income.

Bimbly

tightauldgit said:

Bimbly said:

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I'm maybe missing something but what's the benefit of carrying forward losses to offset a profit where you wouldn't be paying tax anyway? 

Firstly because, if you make a profit in the future, you can off set earlier losses against it.

Secondly, tax on £xxxx is £xxx, as my tax free allowance is taken up by my PAYE job.

tightauldgit

Bimbly said:
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Ah OK, didn't realise you had other earnings too. And just to check you are aware you can apply your losses to the PAYE income to reduce any tax due on that?

Bimbly

tightauldgit said:
Ah OK, didn't realise you had other earnings too. And just to check you are aware you can apply your losses to the PAYE income to reduce any tax due on that?

I noticed that on the tax form for the first time this year. I don't think this used to be the case and I don't know when it changed. Last year, I was really up against it with a deadline (ie, I was late!) and filled in my return in a bit of a rush.

I submitted my tax return in the end, with that warning in place. It appears to be telling you to double check the figure, even though it will allow it. It doesn't, however, have a box or anything to tick to say you've checked it and, yes, it is correct.

I'm definitely going to speak to a tax professional come April to get everything straight. I'm just not going to spend more than my meagre profit on one. I'm putting out some feelers now.

tightauldgit

Bimbly said:

tightauldgit said:
Ah OK, didn't realise you had other earnings too. And just to check you are aware you can apply your losses to the PAYE income to reduce any tax due on that?

I noticed that on the tax form for the first time this year. I don't think this used to be the case and I don't know when it changed. Last year, I was really up against it with a deadline (ie, I was late!) and filled in my return in a bit of a rush.

I submitted my tax return in the end, with that warning in place. It appears to be telling you to double check the figure, even though it will allow it. It doesn't, however, have a box or anything to tick to say you've checked it and, yes, it is correct.

I'm definitely going to speak to a tax professional come April to get everything straight. I'm just not going to spend more than my meagre profit on one. I'm putting out some feelers now.

I think it's always been the case. Certainly you have been able to offset PAYE income with self-employed losses in the same year (i did this back five or six years ago) so I assume you can carry forward losses and do the same.