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leo4fiji
Level 2

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

Hello
 
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?
 
Thanks in advance Leo
 
 
 
 
2 Comments 2
FritzF
Moderator

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

Thanks for visiting the Community,

 

QuickBooks Self-Employed (QBSE) use a Schedule C form to report your self-employed income and expenses. It's also known as Form 1040. Every time you categorize a transaction, the system matches it to a line on your Schedule C.

 

To learn more about Schedule C categories and how to categorize transactions in QuickBooks, check out this article: Schedule C and expense categories in QuickBooks Self-Employed.

 

You can run the Profit and Loss report to check if your loss is carried over. Here's how:

 

  1. In QBSE, go to Reports at the left pane.
  2. Select Profit and Loss.
  3. From the Report period dropdown, choose a specific date range.
  4. Hit Run report.

 

I'm also adding these articles for future reference:

 

 

Reach out to me in the comment section below if you have any additional concerns or questions. I'm always here to answer them. Have a great day!

leo4fiji
Level 2

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

Many thanks Fritz

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