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Hi,
I's my first few years of been self employed and just completed my online tax return on 27 Jan this year.
I haven't as yet received any tax back from my expenses and have been working on a loss, so today I decided to call HMRC to ask when I'll get my tax relief back and they said I wont because Im on a loss.
I then checked my tax return and realised I put down that I was working on a cash basis, which I now know means that any tax relief I have I cant claim back but it's now used only to offset on future profits for the next tax year which I think will most probably be below the threshold for paying tax.
Can I still amend my return so I can offset the loss in order to get my tax paid back from expenses?, or could this potentially course problems for me?
Thanks in advance
Matt
I's my first few years of been self employed and just completed my online tax return on 27 Jan this year.
I haven't as yet received any tax back from my expenses and have been working on a loss, so today I decided to call HMRC to ask when I'll get my tax relief back and they said I wont because Im on a loss.
I then checked my tax return and realised I put down that I was working on a cash basis, which I now know means that any tax relief I have I cant claim back but it's now used only to offset on future profits for the next tax year which I think will most probably be below the threshold for paying tax.
Can I still amend my return so I can offset the loss in order to get my tax paid back from expenses?, or could this potentially course problems for me?
Thanks in advance
Matt
