How to get tax relief for trading losses when you're self-employed

In this episode, Simon explains what tax relief is available if your sole trader business hasn't gone as well as planned. When you make a loss, you can claim tax relief. Simon will outline the rules when it comes to offsetting loss in the current tax year, carrying it forwards, or carrying it back.

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Chapters

• 0:45 What is trading loss?
• 1:48 Why tax relief is available for trading losses and why it’s important to claim tax relief for trading losses
• 2:23 How tax relief is offered when carrying forward trading losses
• 4:34 How tax relief is offered when trading losses are offset against other income in the current year
• 4:35 How tax relief is offered when trading losses are offset against other income in the current year
• 6:43 How tax relief is offered on trading losses when offset against capital gains tax for the current year
• 8:31 How tax relief is offered when trading losses are offset against income or capital gains from the previous year
• 10:58 How tax relief is offered when trading losses occur within the first 4 years of self-employment
• 13:20 How tax relief is offered when trading losses occur in the year you cease trading
• 14:56 How to claim tax relief on trading losses
• 15:35 Get help with claiming tax relief for trading losses