We recently told you about the launch of HMRC’s online service which allows sole traders and partnerships to obtain information about overlap relief they may be entitled to. This information is needed for working out your taxable profits for 2023/24. After technical problems caused delays the service is now available on HMRC’s website (see The next step ).
You cannot use the service if you are a trustee of a trust or executor of an estate that has trading income. Instead, you should contact HMRC.
The service is online only and you must log in to your HMRC account to use it. The best way to do this is to follow the link in HMRC’s web page about the service as it directs you straight to the service once you’re logged in. Tip. If you have more than one business which may be entitled to overlap relief , you’ll need to use the service separately for each.