I live in the UK and work a day job, but I also have a small freelance income, for which I file a tax return.
The work I do demands that I have access to fairly powerful computer hardware, so buying a new rig is a legitimate expense that I can count against tax. This year, my earnings were down a little and I'm considering spending a lot on new hardware for future proofing.
So it's possible I will end up spending more than I actually earned.
If I file a UK tax return where I have spent more than my income, does anything happen to the excess? Am I allowed to count it against the following year's tax, or is it simply "lost"?