UK Sole trader


Joined
Jun 19, 2012
Messages
3
Reaction score
0
Hi,
I have full time job and a business as well.
As a sole trader can I claim my business loss against my employment income.
Earnings 14,500
Loss (3,560)
Total 10,940)
PA (7475)
Net inc 3,475

Thanks in advance
 
Joined
Apr 28, 2011
Messages
39
Reaction score
8
Yes, tax-adjusted losses arising from your sole trader business can be offset against your total income. See Helpsheet 227 for more details on how you can use losses.
 
Ad

Advertisements

Joined
Jun 19, 2012
Messages
3
Reaction score
0
Hi,
If next year my profit is over £5,595 do I need to pay class 2 contribuitions. I already pay class 1 from my full time job. If I do can I add the class 2 contribuitions to my profit and loss.
Many thanks
 
Joined
Sep 7, 2012
Messages
2
Reaction score
0
Yes you do need to pay class 2 contribution and no you cannot add this to your profit and loss.
 
Ad

Advertisements

Joined
Sep 1, 2011
Messages
73
Reaction score
3
One word of warning- if you set off the loss from the trade against your employment income don't forget that the same amount of the loss can still be applied against future trading profits for the purposes of Class 4 NI!
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Similar Threads

UK Sale of Business 2
USA sole prop.. 4
UK Transit Trade Taxation in UK 2
traded debt and accounting gain 1
IAS 34 Volume Trade Discounts 1
UK Partnership to sole trader 0
UK Cost of Sales question 2
USA NY Sales Tax Filing for Amazon 0

Top