Partnership losses and PAYE offset

sandmaster | 07:29 Wed 18th Jan 2012 | Business & Finance

2 Answers

I am in a partnership which last year made a loss. As it does not provide a good enough income I have kept my full time job from which PAYE is deducted. On completing my tax return (not yet filed) I have calculated I need to pay a balance due at 40% tax. Can I use my share of the partnership loss to offset the amount due?

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Skyline D

Yes. Although if you've completed the tax return properly you should already have done so.

jedimistress

Yes, and you can use some to reduce your laibility back to tjeh 20% rate and carry the rest of the losses forward in the event you make a profit in future.

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