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offset Ltd company losses against PAYE on tax return?
justcheckin
Posts: 117 Forumite
in Cutting tax
Hi,
I'm trying to help my parents with finances, due to poor health. I am attempting to help file 19/20 SA Tax returns for them.
In the tax year 19/20 my Dad wound up a Ltd company which owed him a substantial amount at closure.
Can he offset these losses against tax paid on his pension INCOME for this period of time using the SA tax return?
Many thanks for any help, happy to give further detail, just don't know what is needed.
I'm trying to help my parents with finances, due to poor health. I am attempting to help file 19/20 SA Tax returns for them.
In the tax year 19/20 my Dad wound up a Ltd company which owed him a substantial amount at closure.
Can he offset these losses against tax paid on his pension INCOME for this period of time using the SA tax return?
Many thanks for any help, happy to give further detail, just don't know what is needed.
0
Comments
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No. He can claim a capital loss if the conditions are met, but that cannot be set against income. It would be worthwhile claiming it in case he makes capital gains in the future. See https://www.gov.uk/government/publications/debts-and-capital-gains-tax-hs296-self-assessment-helpsheet/hs296-debts-and-capital-gains-tax-20200
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