Calculating your taxable profits

[eyedee]

I'm presently completing my tax form to submit asap before the end of the month (!) and I have come across one Box to fill in that has me a bit confused.

I am self-employed, so I am filing in page SES 2 of my tax form. Under the heading 'Calculating your taxable profits', 'box 28' asks for a figure based on my 'Loss brought forward from earlier years set-off against this year's profits - up to the amount in box 27'.

The 'Total loss to carry forward' for 2006-2007 was £4160, and the 'Net business profit for tax purposes' for 2007-2008 was £1061. Considering these figures, what value should I be placing into box 28?

Should it be the figure in box 27 placed directly into box 28 = £1061

Or should it be £3099 (£4160 - £1061 = £3099)

Or am I misunderstanding it completely!?

Thanks very much for your time and help. :)

[David Griffiths]

As it says on the formm relating to box 28

Loss brought forward from earlier years set-off against
this year’s profits – up to the amount in box 27

So the figure is £1,061, with the balance of losses available to carry forward

[eyedee]

Thanks for the fast reply David. I seem to have made a mistake somewhere or I am just not seeing the wood for the trees...

My total loss to carry forward on my previous years tax form was £4160. My Net business profit for tax purposes on this years tax form is £1061. If £1061 is placed in box 28 (Loss brought forward from earlier years set-off against this year's profits) then the figures for boxes 30 or 31 entitled 'Total taxable profits or net business loss' do not seem to add up correctly...

Total taxable profits: if box 27 (1061) + box 29 (0.00) minus box 28 (1061) is positive.
The figure would be £0.00

Net business loss: if boxes 21 (0.00), 22 (0.00), 23 (964), 24 (0.00), minus (box 20 (2025) + box 25 (0.00) + box 26 (0.00) is positive.
The figure would be -£1061

Neither figures are positive?! Should I put £0 in box 30 as my Total taxable profits from the business? What should I then do with the £4160 loss that I carried forward in the previous years tax form? Should that, or part of that figure go in a box elsewhere on the tax form (such as under 'Losses, Class 4 NICs and CIS deductions')?

Many thanks.