How do I add self employed losses from a previous tax year to my tax return?
1. When on the self employed page please click EDIT
2. In the new popup please scroll down the page until you see 'losses from previous year'. Enter the total losses available to this box and then save.
This will add the losses to your tax return and if you have made a profit in this year automatically offset these available losses against the profits to reduce you tax bill.
How do I add property losses brought forward from previous tax years?
You can add losses brought forward on the property EDIT page. To access this please: 1. Click on the Property (SA105) page, when it changes colour to blue then click EDIT On the new page then updated the box for losses. Once saved the software will ...
How to change tax year
On the left hand side of the page you will see the current tax year you are in. Press CHANGE and select the UPDATE/SWITCH button next to the tax year you wish to access. Please see the screen recording on the following link for visual ...
If your business makes a loss you can get tax relief for it. You can do this by setting the loss against your income, gains or profits. This applies to Self-Employed and Property Rental trades. income for the current or previous year income in the ...
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 ...
Losses carried back to previous years
Losses carried back to previous years Click on + Group Expenses Select Tax Adjustments Select the category Current Year losses to carry back to previous years