M
mark2123
- Original Poster
- #1
Hi,
My wife ran a partnership business for 1 year, starting on 1 May 2005 and ending on 31 March 2006. We now have the tax return to deal with. She also worked in a full-time job during that period.
The business did not work out and she has a personal loss, as a partner, of £3k from the business. She paid a lot more than this is tax via PAYE in her fulltime job.
When she submits her tax returns, will her business loss be offset against the tax she paid in PAYE through her normal job and thus, will she get the £3k back?
Thanks,
Mark.
My wife ran a partnership business for 1 year, starting on 1 May 2005 and ending on 31 March 2006. We now have the tax return to deal with. She also worked in a full-time job during that period.
The business did not work out and she has a personal loss, as a partner, of £3k from the business. She paid a lot more than this is tax via PAYE in her fulltime job.
When she submits her tax returns, will her business loss be offset against the tax she paid in PAYE through her normal job and thus, will she get the £3k back?
Thanks,
Mark.
