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: 15940
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
13905389
Type Your Tax Question Here...
TonyTax is online now

I am self employed and my business made a small profit for

Resolved Question:

I am self employed and my business made a small profit for the year 2014 - 2015. I also rent out property which made a loss for that same tax year. Am I able to use the profit from my business to set against the loss of the property and if so, how do I go about it using the HMRC online self assessment form?
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Let me take a look at that and I'll get back to you in a bit.
Customer: replied 1 year ago.
OK thank you. I have to go out for a while, but should be back at my desk later
Expert:  TonyTax replied 1 year ago.
I'm afraid that rental losses cannot be deducted from other income sources and have to be carried forward for use against rental profits you make in the future unless part of the loss is represented by capital allowances as you can read here. I hope this clarifies your situation but let me know if you have any further questions.
Expert:  TonyTax replied 1 year ago.
Hi.
I'm just following up to find out if my answer helped or if you have any further questions.
TonyTax and other Tax Specialists are ready to help you
Customer: replied 1 year ago.
Thank you. You made it quite clear for me, though I have only just received your answer which is cutting it fine to say the least. I think there was a problem in your system.
Expert:  TonyTax replied 1 year ago.
Thanks. I did post the answer several days ago and you should have received an email notification but I will raise the issue with just answer.
Customer: replied 1 year ago.
That's what I thought had probably happened. Anyway, thank you once again - not quite the answer I was hoping for but with tax problems, it rarely is!