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TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15976
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I am self employed and my business made a small profit for

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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?
Let me take a look at that and I'll get back to you in a bit.
Customer: replied 2 years ago.
OK thank you. I have to go out for a while, but should be back at my desk later
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.
I'm just following up to find out if my answer helped or if you have any further questions.
TonyTax and 2 other Tax Specialists are ready to help you
Customer: replied 2 years 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.
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 2 years 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!