Hobby Business tax return

[bravo]

I have a small hobby business as well as PAYE and have to do a tax return for Revenue.
I am claiming a loss for 2022 and I have have payments outstanding for a few items sold in 2022.
Do the outstanding payments reduce the loss I am claiming?
i.e. Loss of 600, owed 400 - is my loss on the tax return 600 or 200?
Thanks for any help.

 

[T McGibney]

I have a small hobby business as well as PAYE and have to do a tax return for Revenue.
I am claiming a loss for 2022 and I have have payments outstanding for a few items sold in 2022.
Do the outstanding payments reduce the loss I am claiming?

Do you expect to collect these debts? If so they should be included in your sales for the year and they will presumably reduce your loss.

I have a small hobby business as well as PAYE and have to do a tax return for Revenue.
I am claiming a loss for 2022

Should you be claiming a loss given that it's a hobby business?

5.2 Non-active trades (section 381B)6 Loss relief is restricted in respect of losses incurred by individuals in trades which are essentially hobby or passive trades.

 

[bravo]

Do you expect to collect these debts? If so they should be included in your sales for the year and they will presumably reduce your loss.

Should you be claiming a loss given that it's a hobby business?

Thanks T.
Revenue are aware that I am running a small hobby business. On the tax return I only have the option to show net profit or net loss. If I fill in neither there is no record of any business which concerns me.
I do expect to collect the debts, and even though the loss will be minimal I feel I need to show it somewhere.

 

[T McGibney]

Thanks T.
Revenue are aware that I am running a small hobby business. On the tax return I only have the option to show net profit or net loss. If I fill in neither there is no record of any business which concerns me.
I do expect to collect the debts, and even though the loss will be minimal I feel I need to show it somewhere.

You also have a separate option to claim loss relief for the trading loss. Based on the above link, you probably shouldn't claim this loss relief, for the reasons stated. (Instead, you should note the loss on your own records and claim it against future year's profits from the same trade.) I mentioned this because you said "I am claiming a loss for 2022."

 

[bravo]

You also have a separate option to claim loss relief for the trading loss. Based on the above link, you probably shouldn't claim this loss relief, for the reasons stated. (Instead, you should note the loss on your own records and claim it against future year's profits from the same trade.) I mentioned this because you said "I am claiming a loss for 2022."

Many thanks for your replies.
I see an option to just state trading loss, without setting the loss against "other income", so I guess that sorts it.
Thanks again, I'm eventually making sense of some of the Revenue language.