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I want to make sure this loss is carried over to bring down my tax liabilty

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Well last year I started my business ending the year in minus. This year I made a profit, I want to make sure this loss is carried over to bring down my tax liability, is this done when I submit online through the hmrc website or can it be shown within this years report?

Many thanks

QuickBooks Self-Employed

A

Ashleigh1Answer

Hello Leo4fiji,

Welcome to the Community page,

So losses from a previous year are allocated in the actual self-assessment form, you submit to HMRC you cant do it in the Quickbooks Self-Employed product itself.

You would need to fill it out on either,

Boxes 77-80 if you are using the sa103f form to submit your taxes to HMRC.

Or box 29 if you are using the sa103s form to submit your taxes to HMRC.

A

Ashleigh1Answer

Hello Leo4fiji,

Welcome to the Community page,

So losses from a previous year are allocated in the actual self-assessment form, you submit to HMRC you cant do it in the Quickbooks Self-Employed product itself.

You would need to fill it out on either,

Boxes 77-80 if you are using the sa103f form to submit your taxes to HMRC.

Or box 29 if you are using the sa103s form to submit your taxes to HMRC.

L

leo4fijiAuthor

Thank you Ashleigh

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