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 🤔

Nomunnofun1

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.