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 previous 3 years (if your business started within the past 4 years)
gains for the current or previous year
profits from the business in later years
profits for the business in the previous 3 years (if your business has ceased)
If you make a claim and your income, gains or profits are not enough to use the whole of the loss you can carry your loss against future profits from the same trade. This item can be found in your Self-Employed or Property Details page of your SimpleTax return.
Also, whether you stopped trading and/or have a loss to carry forward you can claim "losses for businesses not declared before" in your next tax return. On SimpleTax, this will be entered in your check-out form.
Another example of SimpleTax making a daunting task very easy!
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