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.
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?
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.
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.
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. ?
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
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.
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 ??
Thank you so much that has worked !