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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15916
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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there, My P60 shows I paid £9,089 in tax on a £48,287 salary

Resolved Question:

there, My P60 shows I paid £9,089 in tax on a £48,287 salary (tax code 955L) and I'm also self employed. My business made a net loss of £7323 but I'm told I need to pay £25 tax. How can this be & any advice?
Many thanks!
Sara
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.

.

Have you completed and submitted your tax return online? I suspect that you haven't chosen to offset the loss from self-employment against your salary which will result in you being overpaid. A quick way to find out is to view your tax return and see if the loss appears in either box 33 here or in box 78 here.

Find the box in the self-employment section of the online tax return to offset the loss against other income /14 and put the loss in there. That should have the desired effect.

I hope this helps but let me know if you have any further questions.

TonyTax and 2 other Tax Specialists are ready to help you
Customer: replied 2 years ago.

Thanks Tony, all sorted & that made a big difference!

Best wishes,

Sara

Expert:  TonyTax replied 2 years ago.
That's good. I thought I'd leave the nice surprise to find out .

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