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bigduckontax
bigduckontax, Accountant
Category: Tax
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UK Tax] - I will earn £40,000 this year from a job. From

Resolved Question:

UK Tax] - I will earn £40,000 this year from a job. From self-assessment/self-employed stuff I do, my losses will be £5,000.Can I deducted £5,000 from my tax bill or will £5,000 be deducted from the £40,000 so it's classed as me having earned £35,000. Therefore meaning I only pay tax on £35k and not 40k?
Submitted: 10 months ago.
Category: Tax
Expert:  bigduckontax replied 10 months ago.

Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.

You may offset your self employed losses for the year against your employment income or carry them forward, whichever you prefer.

If you do offset then your income for the year will be 35K less your personal allowance of 11K will leave you with 24K, taxable at 20%.

I do hope that you have found my reply of assistance.

bigduckontax and other Tax Specialists are ready to help you
Customer: replied 10 months ago.
Thank you! That's just what I needed to know.
Expert:  bigduckontax replied 10 months ago.

Thank you for your support.