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

Author: Russell Smith
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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