robtoon
28th January 2010, 23:48
I've just finalised the figures for my Tax return.
I have 2 self employed incomes.
1 Business made a loss of approx £5500
The other made a profit of £7050
Doing a simple calculation should I only be taxed on the £1550 total profit?
If so, how do I show this on my return?
The online calculation is charging me 20% of £7050 so it's not taking into account the £5500 loss on other business - can this be offset and if so, how?
Thanks
I have 2 self employed incomes.
1 Business made a loss of approx £5500
The other made a profit of £7050
Doing a simple calculation should I only be taxed on the £1550 total profit?
If so, how do I show this on my return?
The online calculation is charging me 20% of £7050 so it's not taking into account the £5500 loss on other business - can this be offset and if so, how?
Thanks