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Post Info TOPIC: Two businesses on one tax return?
lyds2805


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Two businesses on one tax return?
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Hi all, I have just recently got my practice licence and taken on my first client. She works as a self-employed carer but has also bought equipment to set up a mobile ice-cream business (which has not yet started trading). The query is whether she can offset the ice cream equipment expenditure against the tax for her carers income. Am I correct in thinking she can't as the two businesses are unrelated? Any help would be greatly appreciated! Many thanks for your help, Lydia

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RobH


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Expenses need to be wholly and exclusively for the purpose of the trade so the businesses should be kept separately, however there are clearly losses being made from the ice cream business as there are only pre-trading expenses and no sales and these losses can be used to offset against general income in the same year (they can also be carried forward)

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Rob
www.accounts-solutions.com
lyds2805


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Thanks Rob, much appreciated. That's good news for her!

Lydia

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