Cafrried forward self employed losses

Perdusys1955

In two previous tax years I had a small business that made a substantial loss in both tax years.  I have also been employed for those years, and the 2023/24 tax year, paying PAYE.  My PAYE  income was substantially more than the losses.  I cannot see on my Self Assessment calculations that the losses were carried forward, is that normal, or would they have been dealt with within the calculation? The losses were submitted on my self assessments, should I have taken other action?

Nomunnofun1

Perdusys1955 said:

In two previous tax years I had a small business that made a substantial loss in both tax years.  I have also been employed for those years, and the 2023/24 tax year, paying PAYE.  My PAYE  income was substantially more than the losses.  I cannot see on my Self Assessment calculations that the losses were carried forward, is that normal, or would they have been dealt with within the calculation? The losses were submitted on my self assessments, should I have taken other action?

Losses are not for the amateur! Do you use the cash basis? If so - you can ONLY carry them forward against future profits from the same business. 

You can’t see the losses in 2023/24 because you haven’t entered them manually. 

If you use the accruals method come back to us. 

Perdusys1955

Thanks, this was cash basis. Some of the loss from 22/23 was from a rental which I still have, the other losses were from a sole trader perspective as affiliate marketing business,  and not limited companies. I do realise that this is somewhere I should have had proper skilled advice!  Too late now though

Nomunnofun1

Perdusys1955 said:

Thanks, this was cash basis. Some of the loss from 22/23 was from a rental which I still have, the other losses were from a sole trader perspective as affiliate marketing business,  and not limited companies. I do realise that this is somewhere I should have had proper skilled advice!  Too late now though

Ok - so you have to physically enter the losses brought forward and then carried forward on the self-employed section.