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I’ve never managed to use a self employed loss to offset what I’ve paid through paye that’s why I’m thinking it’s not going to be straightforward to offset the underpayment of paye tax.
If you see what I mean.
Either I've misunderstood your scenario or I've been breaking the law.
Isn't your question whether you can offset your self employed losses against your PAYE income?
Stonehedge-
Isn't your question whether you can offset your self employed losses against your PAYE income?
No, I thought this was impossible, how have you been doing it? Or maybe you don't want to post that on a public forum actually!
What I'm asking about is that because of the way the dates fall this year we get 14 paydays instead of the usual 13, my tax free allowance was however divided by 13 so my allowance was all used up last month and this month I should have paid basic rate on all my pay. To stop you having a month where you earn less though they (hmrc I think) give me an extra allowance this month and then claim it back next year by reducing my tax code.
I wondered if it would be possible to offset the allowance I've been given against my self employment since it'll be a loss anyway and would therefor 'swallow up' the extra.
M_V
I’ve never managed to use a self employed loss to offset what I’ve paid through paye that’s why I’m thinking it’s not going to be straightforward to offset the underpayment of paye tax.
If you see what I mean.