Most Tax-Efficient Set Up?

[The Leopard]

Teh Scose lays it down:

Pulp Fiction - English Motherfucker Do You Speak It - YouTube

 

[kimo'sabby]

Ask me again but in English this time. BE as detailed as poss if you can. Feel free to PM me if you'd rather do that but if it helps others better in here innit.

What do you need verifying? I'm a sole trader, i make trades. Lay it on the line, baby.

 

[kimo'sabby]

I hope, as a self employed sole trader, i'm not catagorised with the casual/pension *****?

 

[The Leopard]

I hope, as a self employed sole trader, i'm not catagorised with the casual/pension *****?

Sole trader?

 

[kimo'sabby]

Soul trader! MoFo! Dya like my mamas titis? I suck em every f*ckin chance i get:clap:

 

[scose-no-doubt]

For each trade you have specific income and specific tax deductible expenses associated with that income and your net is your profit or loss as you all well know. Broadly, if your activities fall within the same sort of income type, or schedules as they're called, you can offset losses (deficit in terms of taxable income less taxable expenses) from one trade against another for the year in which they occur. you can't do the same for brought forward and carried forward losses as they can only be offset against the trade in which they were realised. Again, it all depends on what it is you're doing.

 

[maxima]

Pretty sure you can only go back 3 years when offsetting a loss.

where is this 3 years came from? my accountant said there is no law on it but he 'feels' the reasonable time is 5 yrs... do you have a link to HMRC note or something?

 

[Liquid validity]

where is this 3 years came from? my accountant said there is no law on it but he 'feels' the reasonable time is 5 yrs... do you have a link to HMRC note or something?

I asked HMRC directly on the phone.
Thats what they said.
May be a mistake, but like I said that was the answer given.
Its a while since I had the conversation, always worth double checking.

 

[scose-no-doubt]

Loss roll back relief depends on a lot of things which I cannot be ar5ed to go into on here. HMRC's answer is correct and incorrect lol.

 

[Liquid validity]

Double checked my notes, the 3 year limit is more for carrying forwards unused loss relief from one single year.

Then again bear in mind I am not an accountant, tax adviser or HMRC employee.
Always best to double check what applies to your own specific situation.
Either that or pay the schlongmeister above to sort it

 

[maxima]

Either that or pay the schlongmeister above to sort it

what? scose is now accountant for hire?? :whistling

 

[Fat Helmet]

worry about making money 1st