two se businesses


J

Janice

Last year 2002/2003 I was self employed with a small craft shop.This run at
a loss of £3400 This year the craft shop run at a loss of £800 ( getting
better )
I also stated another small SE this year as a translator making a profit of
£9800 Am I right in thinking that I cant use my craft shop losses against my
translating business, but only against the craft shop when it becomes
profitable.

Thank you
 
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D

DoobieDo

Last year 2002/2003 I was self employed with a small craft shop.This run at
a loss of £3400
Oh dear
This year the craft shop run at a loss of £800 ( getting
better )
ok

I also stated another small SE this year as a translator making a profit of
£9800
stated ? started..... probably a language thing...


Am I right in thinking that I cant use my craft shop losses against my
translating business, but only against the craft shop when it becomes
profitable.
cant? can? which one?

total income - allowances = taxable income
Thank you
welcome
 
J

Janice

Last year 2002/2003 I was self employed with a small craft shop.This run
at
a loss of £3400
Oh dear
This year the craft shop run at a loss of £800 ( getting
better )
ok

I also stated another small SE this year as a translator making a profit
of
£9800
stated ? started..... probably a language thing...


Am I right in thinking that I cant use my craft shop losses against my
translating business, but only against the craft shop when it becomes
profitable.
cant? can? which one?

total income - allowances = taxable income
Thank you
welcome


Sorry for the poor explanation.
I want to set the loss from my craft shop against the profit for
translating. Is that ok even though they are two separate businesses. I
thought the loss could only be used for the same business.

Thank you.
 
D

Doug Ramage

Janice said:
Oh dear


stated ? started..... probably a language thing...




cant? can? which one?

total income - allowances = taxable income


welcome


Sorry for the poor explanation.
I want to set the loss from my craft shop against the profit for
translating. Is that ok even though they are two separate businesses. I
thought the loss could only be used for the same business.

Thank you.




---
No, the losses from one business can be set against the profits of another.
Or the losses, in the early years of a new business can be set against any
employment income from the previous 3 tax years. Or set against CGT.

However, you need to request these options, otherwise the losses will be
treated as carried forward against the profits of the same business.

Some thought is required to maximise your tax position - especially to
prevent one's Personal Allowances from being wasted.
 
J

Janice

No, the losses from one business can be set against the profits of
another. Or the losses, in the early years of a new business can be set
against any employment income from the previous 3 tax years. Or set
against CGT.

However, you need to request these options, otherwise the losses will be
treated as carried forward against the profits of the same business.

Some thought is required to maximise your tax position - especially to
prevent one's Personal Allowances from being wasted.
Thank you very much for your time to explain this.
 
J

Janice

No, the losses from one business can be set against the profits of
another. Or the losses, in the early years of a new business can be set
against any employment income from the previous 3 tax years. Or set
against CGT.

However, you need to request these options, otherwise the losses will be
treated as carried forward against the profits of the same business.

Some thought is required to maximise your tax position - especially to
prevent one's Personal Allowances from being wasted.
Thank you very much for your time to explain this.
 
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J

Janice

No, the losses from one business can be set against the profits of
another. Or the losses, in the early years of a new business can be set
against any employment income from the previous 3 tax years. Or set
against CGT.

However, you need to request these options, otherwise the losses will be
treated as carried forward against the profits of the same business.

Some thought is required to maximise your tax position - especially to
prevent one's Personal Allowances from being wasted.
Thank you very much for your time to explain this.
 
Ad

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