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Claiming past year's losses on this year's return confusion

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Apologies if this is the wrong sub-forum but I'm working on my 23-24 tax return. 

In the 22-23 tax year my self-employment business had a 2k loss and no income. I entered in the loss under 22. Net Loss but did not put anything under "35. Total loss to carry forward after all other set-offs - including unused losses brought forward." At the time this seemed fine.

In the 23-24 tax year I had no expenses but made 1500. When I enter the loss from the previous year under "Loss brought forward from earlier years set-off against 2023-24 profits" it highlights it in red as an error and shows WARNING on the "Check your progress" page.

Does this mean I have to go back and edit my previous return and put that loss under 35 and that will let me claim it for 23-24?

Thanks!

Comments

  • Nomunnofun1
    Nomunnofun1 Posts: 677 Forumite
    500 Posts Name Dropper
    edited 1 January at 11:56PM
    What figure are you entering in box 29?  (See the note ‘up to the amount in box 28’) You cannot enter a figure in excess of the profit made in 2023/24. You enter the amount of the loss brought forward that you are now utilising!

    It should be 1500 with 500 to be entered in box 35. 

    With regard to 2022/23, it may be that HMRC will come back to you with regard to the lack of an entry in box 35. I am not sure what you mean by ‘At the time this seemed fine’. However, the default position would be that the loss is carried forward - you may be OK. 
  • MattMontreal
    MattMontreal Posts: 67 Forumite
    Fourth Anniversary 10 Posts
    Cheers for the reply, Nomunnofun1. I've got £1504 in box 29 for this year, and I've now entered in the remaining difference between that and my total loss last year in box 35 for this year.

    So assuming that's right, when I fill out the forms for 24-25 I'll just have to remember to claim the amount showing in box 35 for this year.

    When I check the total owing it seems right, though I'm still seeing the same message: 
    "Your return contains one or more entries we want you to review.

    We have checked your return, and you have 1 entry we want you to revisit. Please review the accuracy of this entry."

    Is this anything to worry about? It looks like I can possibly still submit it, despite the warning.
  • MattMontreal
    MattMontreal Posts: 67 Forumite
    Fourth Anniversary 10 Posts
    Anyone else have any thoughts on that?
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