TaxSimba — Made a Self-Employed Loss? What to Check Before Claiming Relief
Preparation worksheet

Optional offline planning aid, not a tax return or filing confirmation.
Keep completed notes securely; never include passwords or one-time codes.

WORK THROUGH THIS EXAMPLE
Keep the supported loss beside other income and tax paid for the relevant years. Compare the available claims and their effect on allowances before choosing one. Record the amount used and balance remaining so later returns do not claim the same loss again.

DECISION TO RESOLVE
Which route is eligible, what is its deadline and what loss remains afterwards?

YOUR POSITION
Relevant year and source: ____________________
Evidence supporting your answer: ____________________
Missing item and who will obtain it: ____________________
Deadline or next review date: ____________________

1. Prepare income, costs and tax adjustments.
Notes: ______________________________

2. Record trading start or cessation dates.
Notes: ______________________________

3. Collect earlier returns and other-income details.
Notes: ______________________________

4. Locate existing loss carry-forward schedules.
Notes: ______________________________

5. Compare eligible claims and record their deadlines.
Notes: ______________________________

Actions agreed and responsible person:
____________________________________

Guide: https://taxsimba.co.uk/blogs/self-employed-trading-loss-tax-relief
Check the current guide and official sources before relying on a deadline or process.

ADDITIONAL CHECK
   Current or previous-year income:  eligible losses can be considered against the relevant income, subject to restrictions.   Future profits of the same trade:  unused qualifying losses may be carried forward.   Early trade losses:  the first four trading years can involve special carry-back rules.   Terminal losses:  a qualifying loss in the final 12 months can be set against relevant trade profits, with a specific carry-back order.   Use  HMRC’s 2025/26 loss helpsheet  for the applicable claims, deadlines and restrictions. General-income claims can affect allowances; partial claims are not freely selectable. Record the claim and unused balance. Overseas trades with a FIG claim need separate checking. 
Source: https://www.gov.uk/government/publications/losses-hs227-self-assessment-helpsheet/hs227-losses-2026