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Tax rebate possible?

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I am filing my final self assessment as now ceased trading, with a loss of a several thousand. Have since become employed and paying normal amount of tax. However now that I am declaring a considerable loss for the tax year just ended, do you think there’s any chance I will be due a tax rebate? If so is it automatic? 

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  • Dazed_and_C0nfused
    Dazed_and_C0nfused Posts: 17,554 Forumite
    10,000 Posts Fifth Anniversary Name Dropper
    I am filing my final self assessment as now ceased trading, with a loss of a several thousand. Have since become employed and paying normal amount of tax. However now that I am declaring a considerable loss for the tax year just ended, do you think there’s any chance I will be due a tax rebate? If so is it automatic? 
    Difficult for anyone to comment without knowing what you have entered on your Self Assessment return 🤔
  • I am filing my final self assessment as now ceased trading, with a loss of a several thousand. Have since become employed and paying normal amount of tax. However now that I am declaring a considerable loss for the tax year just ended, do you think there’s any chance I will be due a tax rebate? If so is it automatic? 
    Difficult for anyone to comment without knowing what you have entered on your Self Assessment return 🤔
    Well I am paying tax at the normal rate on a 25k job since June last year but entering a trading loss of 5k on my self assessment form . So I’m just assuming I have paid more tax than I need to… 
  • Nomunnofun1
    Nomunnofun1 Posts: 673 Forumite
    500 Posts Name Dropper
    I am filing my final self assessment as now ceased trading, with a loss of a several thousand. Have since become employed and paying normal amount of tax. However now that I am declaring a considerable loss for the tax year just ended, do you think there’s any chance I will be due a tax rebate? If so is it automatic? 
    Difficult for anyone to comment without knowing what you have entered on your Self Assessment return 🤔
    Well I am paying tax at the normal rate on a 25k job since June last year but entering a trading loss of 5k on my self assessment form . So I’m just assuming I have paid more tax than I need to… 
    Did you set the loss against other income in the self employed section? See ‘Kurt’ in the link that I provided. 


    If you didn’t - no relief for losses will be given. 
  • If you didn’t - no relief for losses will be given. 
    I haven’t filled the form in yet but yes that’s exactly what I’ll be doing. My main question is whether I’ll automatically get any tax back that I’m owed or if I need to do anything else apart from this form 🙂
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