Losses and Tax relief. Remember that you can offset trade losses against any other income, including rentals, in the same tax year to reduce your tax liability. You can also carry forward any unused losses to offset future profits in the same trade. However, you cannot offset rental losses against trade profits, you can only carry forward these rental losses against future rental profits.
The latest news from PMC Partnership incorporating Pomfreys Accountants – 14th June 2024
Please click on the following link to find your 2024/25 PMC Pomfrey tax card to inform you of all this years tax rates, which we hope you find useful.