- Original Poster
- #1
Tax question: I run a business (sole trader)on the side of my full time job which is profitbale, so there will be tax due on it when I do my self assesment.
ALSO I started a seperate Partnership business (just me and one other person, again like a sole trader but there were 2 of us). This business has costs higher than revenue.
QUESTION: Can I offset the loss on the partnership against the profit on my sole trader business when I do my self assesment, thus lowering my tax bill?
The other partner is happy for me to do this and let me "take all the cost" myself of the partnership.
All the best
Dominic
ALSO I started a seperate Partnership business (just me and one other person, again like a sole trader but there were 2 of us). This business has costs higher than revenue.
QUESTION: Can I offset the loss on the partnership against the profit on my sole trader business when I do my self assesment, thus lowering my tax bill?
The other partner is happy for me to do this and let me "take all the cost" myself of the partnership.
All the best
Dominic
