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TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15977
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I am fully employed and pay tax via PAYE but also have a

Customer Question

I am fully employed and pay tax via PAYE but also have a business where I am part time/self employed. I have registered with a HMRC and have a UTR. I have actually made a loss of approx £7000 as far as my outgoings exceeded my income on the self employed side of my work. I am a 40% tax payer in the employed side of my work. The question I have is will my losses be offset against my income tax from my employed position or will I get a tax refund? or do i simply have to suffer the losses?
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.


The losses can be dealt with in several ways as you can reasd in HS227 here.

If you wish to claim relief against your other income for the tax year in which the loss was incurred, you need to put the loss in box 33 of the short self-employment pages or box 78 of the full self-employemnt pages. That should result in a tax repayment assuming the correct tax has been deducted from your salary. If you carry the losses forward, you can only offset them against profits from the same business.

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