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Offsetting Loss against taxed pension?
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triplea35
Posts: 339 Forumite
in Cutting tax
I am considering setting myself up as self employed. I am sure to make a loss in the first year or two after taking into account all capital outlays and expenses. I am in receipt of a company pension which is taxed at the basic rate after my personal allowance.
I have heard that you can carry losses into following years but is it also correct that you can claim against the tax paid on the pension.
If so if I made a £2000 loss what could I claim, ie 2000 x 20%?
Thanks in advance.
NB I have enrolled for a HMRC presentation on the subject but it is not until February.
I have heard that you can carry losses into following years but is it also correct that you can claim against the tax paid on the pension.
If so if I made a £2000 loss what could I claim, ie 2000 x 20%?
Thanks in advance.
NB I have enrolled for a HMRC presentation on the subject but it is not until February.
0
Comments
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Yes, you can claim loss relief against your other income and if you pay tax at 20% then the relief will be as you have shown.£705,000 raised by client groups in the past 18 mths :beer:0
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