Loss relief

Discussion in 'Accounts & Finance' started by kirstie27488, Jun 26, 2019.

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  1. kirstie27488

    kirstie27488 UKBF Newcomer Free Member

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    hi there,

    Can someone tell me to what extent I can offset sole trade losses.

    For example, a loss before CA is £13000, assets in the year were £30000. Loss bought forward of £90000.I have pension income of £50000 and rental of £20000. Can I offset the £13000 and the £30000 against my pension income in this year? I'm aware I can't offset any of the loss bought forward against any other income.

    Posted: Jun 26, 2019 By: kirstie27488 Member since: Apr 6, 2010
  2. SteveHa

    SteveHa UKBF Ace Free Member

    1,785 365
    Posted: Jun 27, 2019 By: SteveHa Member since: Jun 16, 2016
  3. Adam93

    Adam93 UKBF Regular Free Member

    379 83
    How have the losses arisen?

    £90k losses brought forward and losses of £43k in the current year... for sideways loss relief the loss must be from a commercial trade with a view to profit.

    There is case law on this (Patel v HMRC I think off the top of my head) where the losses were disallowed.
    Posted: Jun 27, 2019 By: Adam93 Member since: Jan 18, 2018
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