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Thanks , however it's all still a bit complicated. As return has to filled in by end of jan, i might be pushing to accountant. However on my tax return it says box 32 net business loss £6392.00. Boxes 33 is loss from this tax year set off against other income -14, (nothing it that box ), box 34 is loss to be carried back to previous years ( Nothing in that box ) and box 35 is total loss to carry forward after all other set-offs (£6392.00) in this box, is this correct or should i put the 6392 in box 33 ?
Accountants and their staffs are used to being swamped as tax deadlines approach. Personally, I much prefer paper filing which gives you bags of time!
You could put your loss in either boxes 33 or 34 or perhaps you need to split the loss between the two. It all depends upon your employment income. You should try to reduce this to as close to your Personal Allowance (PA) as possible by utilising losses. Any losses not so used can be carried forward. Remember that your PA is a 'use it or loose it' allowance [HMRC speak] so be careful to use it to its fullest effect and not to waste any.
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Sorry, i still don't fully understand - can i choose which box to put the loss in or choose how much of the loss i put in each box ? If my total income was £19775 and i paid £2163 by PAYE, then went self employed and paid out £6392, (filed £5100 under AIA), and had no income from self employed which box would be best to put that figure in to maximise the amount of money if any i could claim back asap of the inland revenue because at minute i'm also paying 20% under cis scheme this year, which is strangling cash which is needed ? regards Jonathan.