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The Book-keepers Forum (UK) -> VAT, Payroll & Tax -> Emplyed & Self Employed
Post Info TOPIC: Emplyed & Self Employed
Amber690


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Hi All,

I have a tax return to do for a person who works full-time and also works for themself part-time evenings/weekends. They have made a loss so far on their self-employment so will they gat a tax refund?

Also is it best to tick the box refunds via PAYE code?

Cheers
Amanda

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Marky65


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Hi Amanda

They probably won't get a refund as the loss can be carried forward and offset against profits in the coming years. (This is how I dealt with mine in my first year of trading, whilst still employed)

Re: refunds or further tax to pay it is best to check with the client as to how they want to deal with it.

Regards

Mark

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M & G Associates

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Amber690


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Great, thanks.
Amanda

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gbm


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Hi Amanda,

What Mark suggested isn't wrong, but to answer your question:

Losses from self employment can be offset against general income (i.e. employed income) for the same, and/or the preceding year.



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Nick

Website: www.gbmaccounts.co.uk
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Factsheet | Starting a Business

 
Amber690


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Ah, that's good to know. Thank you.

Regards
Amanda

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