Nicola Green
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Property loss carried forward with self-employment loss
Good afternoon, If in a year (23-24) I have loss from Self-Employment (accruals based accounting) whilst also having a property income loss brought forward (from 22-23) can I elect to offset the self employment loss against the property profit for that year (23-24) and then any remaining against employment income, effectively keeping the loss brought forward to be carried forward to the next year? If so how do I show this on a SA return? As an example (figures not real): Loss brought forward for Property Income 2022-23: £5000 Employment Income 2023-2024: £55000 Self Employment Loss 2023-2024: -£8000 Property Profit 2023-2024: £4000 Can I use the £8000 loss to reduce my Property Profit to £0 and Employment Income to £51000 leaving my Property loss brought forward from 2022-23 to be carried forward to the year 24-25? Many thanks.