Self Employment Driver and HMRC

I got a rebate of £2500 at the end of the 2010-2011 tax year, which was small compensation for losing £22k in the same period. Yes, I did it myself. If I’d hired an accountant to do it, they would have just charged me to get back pretty much the same, as you don’t get rebates unless you’ve paid it upfront to start with. I get to offset the £22k against any future capital gains only for another 5 years. I’m not likely to sell anything for a big enough profit in that time, hence why I say it’s pretty much unclaimable. The income tax rebate is related to my full time tax being overpaid rather than any losses taken into account. The only thing that increased as a direct result of the loss was that I qualified for some extra credits as a result of “savings & investments falling below the means tested level”. At 5kpa better, I’d say I’ll get my lost cash made up in less than the 5 years BUT that assumes I can settle into the work pattern I want with 100ish hours a month every month without fail. :wink:

When you fall flat on your face, don’t hate the ground for being there, and don’t hate your face. Hate the one who tripped you up instead!