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Article Index
An Introduction to Tax and National Insurance for Business
Different Taxes
Are You Self-employed?
Tax for the Self-employed
Income Tax
Corporation Tax
Expenses
Capital Allowances
Offsetting Losses
Tax and Employees
National Insurance
VAT
Capital Gains Tax
Paying Less Tax

An Introduction to Tax and National Insurance for Business

Can I offset trading losses against my tax obligations?

  • If you are self-employed: If your self-employed venture has made a loss, you can offset the cost of this loss against any other taxable income received in that tax year or the one before, such as income from a second job or capital gains from shares. You can also carry these losses forward to offset profits in the future made from the same venture.
  • If you own a limited company: Companies can similarly offset their losses against other income. You can carry back these losses for one year and claim back previously paid tax as well.


Labels: Tax