PAYE Tax & Self Employment

[JamieAllen]

Hi

Just set myself up as self employed after being made redundant from employment.

Had good earnings in employment and hence paid lot of tax. Can I offset some of my self employed start up expenses against some of the PAYE tax and get it back quicker rather than having to wait until I have to fill in a self assessment and claim it against expenses through that route?

Cheers
Jamie

[elainec100@cheapaccounting]

Nope - you offset losses from self employment through the completion of your self assessment.

So assuming your have just started self employment then the first self employment SA is 2009 / 2010 - so you would need to wait until then.

[JamieAllen]

I thought as much!

Thank you Elaine.