If you make a loss in your self employed loss should you declare it?

August 31, 2015

I’m often asked whether or not self employed earnings should be declared even when there is no tax due.

You can earn up to £8,060 with no tax at all and up to £10,600 with no income tax (just 9% of Class 4 National Insurance on the difference).

The correct answer is yes, you really should declare your self employed earnings on a tax return even if it results in no tax.

Even more important is if you have made a loss in your self employment.

This loss can be carried forward to future profits OR can be carried against any other employment income and so a tax rebate could be on the cards.

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