What does this mean?

[LB_EnterprisesUK]

If in the same tax year you make a loss from self-employment but have paid tax from a job under PAYE then you can offset the loss against your employment income…


What does the above mean? I am going to become self employed within the next three months and leave my current job. I was speaking to someone who was helping me decide on a few things and said the above. What does this actually mean? I do not want to bother them again.

 

[StevensOnln1]

When filing your tax return you can choose to set the less against your employment income which will result in a tax refund on the amount you lost (assuming you paid income tax on at least that amount of employment income).

 

[LB_EnterprisesUK]

so because i pay tax at my current job, i can get the tax i pay bck if i earn a loss when im self employed? how long does this last? new tax year is in april and i havent handed in my notice yet or registered my new business, just getting everything ready