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

leo4fiji · ‎January 08, 2021

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

Ashleigh1 · ‎January 08, 2021

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.

View solution in original post

Ashleigh1 · ‎January 08, 2021

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.

leo4fiji · ‎January 10, 2021

Thank you Ashleigh

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