UK Sole trader


Joined
Jun 19, 2012
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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
 
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Joined
Apr 28, 2011
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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.
 
Joined
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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
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Yes you do need to pay class 2 contribution and no you cannot add this to your profit and loss.
 
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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!
 

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