How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask TonyTax Your Own Question
TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15950
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
13905389
Type Your Tax Question Here...
TonyTax is online now

I need to check I have filled in part of my self assessment.

Resolved Question:

I need to check I have filled in part of my self assessment. My business ceased and I have a small loss £300 and I want to claim it all back this year but the form will not let me put in zero in the carry back and carry forward boxes I don't know why ?
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.
Hi. Are you using the HMRC online tax return software? If so, which section are you in and what boxes have you put data of any sort in?
Customer: replied 2 years ago.

I am in section 4. My business has ceased trading and I now have a small loss is the correct place to out it. I am employed now and wondered if that effects it. I can put in nearly all the loss in the first box but it will not let me just out zero in the next two. so if I just out in £1 in each and reduce the current year loss by a £2 it works.

Expert:  TonyTax replied 2 years ago.

Can you tell me what the label for the "first box" is that you refer to. Is it the loss to backdate box? How much of the loss can you put in that box? Which are the other two boxes you refer to? Did you have PAYE income in 2014/15 in excess of the personal allowance of £10,000?

Customer: replied 2 years ago.

It says loss for this tax year set off against other income 2014/15.

I was employed and all of my personal allowance was used up. This loss was added to my personal allowance at the final page then my tax worked out, The tax I had already paid was deducted leaving a small refund.

Expert:  TonyTax replied 2 years ago.

Thanks.

If you can use all the loss in the same tax year as the tax year it was made in, 2014/15, and get some tax relief then there is no point in backdating any unless you paid a higher rate of tax in the previous year. Some boxes in the online tax return which I use myself don't need a "0" put in them, some do. You just need to make sure that your PAYE income was more than £10,300 (£10,000 personal allowance + £300 trading loss).

When you are using a loss for 2014/15, you can start with 2014/15 or 2013/14 and use as much of the loss as you can. You cannot choose how much goes into each year. There will only be some of the loss in both years if one year cannot absorb it all.

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

Customer: replied 2 years ago.

Thank you. For some reason I have to put more than zero in the boxes for previous years I think it must be because I have to. Can I submit it with just a £1 in both previous and going forward year. ?

Expert:  TonyTax replied 2 years ago.
If you look at your return before you submit it, can you tell me which boxes on the self-employed pages have data in them and what that data is. I will then try to replicate what you have done.
Customer: replied 2 years ago.

Hi thank you so much. I have put turnover of 405 in box 9. Then expenses In box 11 £94 box 12 £255 and box 18 18 £109. The business ceased in

Expert:  TonyTax replied 2 years ago.

Thanks.

Maybe not all your message has come through but based on what I can see, you have a loss of £53 (£405 - £94 - £255 - £109). Are there any missing expense entries? Can you tell me what is in box 31 or 32, 33 and any other boxes in the losses section please.

When you get to the screen in section 4 where it gives you the option to use the loss in 2014/15, the previous year or to carry it forward, you should have a link to a self-employment losses worksheet. Click on that and put the loss in the 2014/15 box. Do nothing else and just click on "Use these figures" at the bottom right. You may have to delete the self-employment section and start again.

Customer: replied 2 years ago.

sorry about the delay issues with my phone.

The total income is 405 in business income in box no 9.

expenses are box 11 £94, box 12 £255, box 14 £166, box 18 109. total £624

total loss £219

ceased trading 31/8/14

In box 31 I entered nothing

In box 32 £219

In box 33 £219 but then through up errors saying I could not leave box 34 and 35 as zero. I out a £1 in both and reduced box 33 to £217 and this seemed to work but I do not know why ??

Expert:  TonyTax replied 2 years ago.
I've replicated the problem you are having. Delete the self employment and start again. I know its annoying. It seems that once you try to go back and change things you cannot and then when you try to use the worksheet again, you get the message in red, ie referring to boxes 34 and 35 not being allowed to be left as zero.

When you delete the self-employment, you will be able to start again and the boxes which don't need your input will populate with "0" automatically.
Customer: replied 2 years ago.

Thank you so much that has worked !

Expert:  TonyTax replied 2 years ago.
Excellent.

Don't forget to rate my answer before you leave the site. Thanks.
TonyTax and other Tax Specialists are ready to help you