Tax rebate possible?

moneysaver145

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? 

Dazed_and_C0nfused

moneysaver145 said:

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 🤔

[Deleted User]

Food for thought:

https://www.litrg.org.uk/working/self-employment/calculating-self-employed-profits/trading-losses#:~:text=will%20be%20refunded.-,Offsetting%20losses%20when%20a%20business%20ends,of%20tax%20is%20usually%20generated.

moneysaver145

Dazed_and_C0nfused said:

moneysaver145 said:

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… 

[Deleted User]

moneysaver145 said:

Dazed_and_C0nfused said:

moneysaver145 said:

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. 

Box 33 in the attached:

https://assets.publishing.service.gov.uk/media/67dd4776c6194abe97358be4/SA103S-2025.pdf

If you didn’t - no relief for losses will be given. 

moneysaver145

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 🙂