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Howlader & Co Blog

partnership loss relief

Loss relief: How to offset your trading losses and reduce your tax

3rd March 2014

Most businesses incur expenses and losses while they are getting off the ground. Losing money can be a bit of a reality check at times but if you know the tax regulations it’s not all bad news. Any losses you make can be used to offset other profits in order to reduce your corporation tax. The methods for doing this will depend ...read more

Our budget views in blue: Income tax reliefs (e.g. sideways loss relief)

22nd March 2012

Sole trade losses and gift aid These are being capped. Before, if a sole trader started a business and made opening year losses or other trading losses for example, he could relieve these against other income (sideways loss relief). This is now being restricted to the greater of 25% of income or £50,000. The same rules apply to gift ...read more