Claiming loss relief against other income in same year

Claiming loss relief against other income in same year

If you make a loss in your self-employment, you can offset the loss against your other income in the same tax year.

To do this, ensure your self-employment pages have been completed in full and head over to the REPORTS page and download a copy of your SA100.
Go to the SA103 section of your tax return and locate BOX 32:

Now, head back to GoSimpleTax and press VALIDATE MY TAX RETURN:

And then, assuming you have no errors, press YES:

Head to the question 'Are you claiming losses for businesses not declared before?' on the Almost there page and answer YES:

This will then give you some options of where to claim the losses, we are looking at a current year claim:

Enter the loss from BOX 32 we found earlier and tick the schedule where the loss was created.

The loss will now be included on the tax calculation and used to reduce the taxable income during the year:

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