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Set-off: Tax loss of different trades

Posted 22 March 2017

David says:
21 March 2017 at 11:53

As an individual can I set-off a trade loss from a trade (such as a coffee shop, which I am trading as a sole proprietor, 1st year of trading) against my other taxable income being a salary and rental income.

TaxTim TaxTim says:
22 March 2017 at 7:57

Yes, you're able to do this, by declaring the loss under your business income section and not selecting that you want it ring fenced (carried over to the next tax year and set off against future profits)

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