From this tax year anyone with a side-hustle turning over more than
? £1k, has to do a self-assessment tax form to declare their profits.
Not every side-hustle makes a profit, of course, especially if a start-
up. Advice online says one can offset such losses against mainstream
income, as long as it's "a genuine business, not a hobby". Although I
see no such weasel words when it comes to being liable to pay tax on
profits.
From this tax year anyone with a side-hustle turning over more than
? £1k, has to do a self-assessment tax form to declare their profits.
Not every side-hustle makes a profit, of course, especially if a
start-up. Advice online says one can offset such losses against
mainstream income, as long as it's "a genuine business, not a hobby". Although I see no such weasel words when it comes to being liable to pay
tax on profits.
Quite co-incidentally, I'm setting up a part-time pop-up shop (vintage technology and boys' toys), which I might attend on average maybe one
day a week. Is that a "genuine business", assuming that's even a
criterion?
I'd expect it to make a loss of a couple of thousand for the first year
at least**, which I'd be wanting to offset against my pension.
Roland Perry <roland@perry.uk> wrote:
From this tax year anyone with a side-hustle turning over more than
? £1k, has to do a self-assessment tax form to declare their profits.
Not every side-hustle makes a profit, of course, especially if a
start-up. Advice online says one can offset such losses against
mainstream income, as long as it's "a genuine business, not a hobby".
Although I see no such weasel words when it comes to being liable to pay
tax on profits.
You can offset trading losses against income as a sole trader for the first
4 years. Search 'sole trader losses' for various guides.
Since a sole trader has no distinction between business and personal
affairs, your PAYE job and your 'trading income' fall into the same pot
AIUI. I'm not sure if there's anything different about pension income here. However here: https://www.accaglobal.com/uk/en/technical-activities/technical-resources-search/2019/july/loss-relief-options-sole-trader.html
it seems to be transferable to capital gains if you don't have enough income to offset it against, so it seems fairly broad - I suppose a pension is just taxable income like any other.
[also that page indicates there are some complications like interactions
with the personal allowance. It would need further scrutiny to understand
if it's worth it]
Quite co-incidentally, I'm setting up a part-time pop-up shop (vintage
technology and boys' toys), which I might attend on average maybe one
day a week. Is that a "genuine business", assuming that's even a
criterion?
If it walks like a duck, etc. A shop sounds like a business to me, especially if its goal is to make money (even if it doesn't initially).
I'd expect it to make a loss of a couple of thousand for the first year
at least**, which I'd be wanting to offset against my pension.
I think once you go beyond 4 years then it gets more difficult to offset.
On 19/05/2025 08:35, Roland Perry wrote:
From this tax year anyone with a side-hustle turning over more than
? £1k, has to do a self-assessment tax form to declare their profits.
Not every side-hustle makes a profit, of course, especially if a
start- up. Advice online says one can offset such losses against >>mainstream income, as long as it's "a genuine business, not a hobby". >>Although I see no such weasel words when it comes to being liable to
pay tax on profits.
I think the new rule about turnover is designed to sort businesses from >hobbies. It's a de minimis thing.
Anyway, what's the problem? You'll fill in a tax return and pay
whatever tax is due on any profits you do make.
On 19/05/2025 10:43, Theo wrote:
Roland Perry <roland@perry.uk> wrote:
I'd expect it to make a loss of a couple of thousand for the first year
at least**, which I'd be wanting to offset against my pension.
I think once you go beyond 4 years then it gets more difficult to offset.
I'm surprised more people don't go limited? A loan to a Ltd company goes
on for perpetuity and interest is payable where advantageous. And
previous losses can be offset against future profit.
On 19/05/2025 10:43, Theo wrote:
Roland Perry <roland@perry.uk> wrote:
From this tax year anyone with a side-hustle turning over more
than
? £1k, has to do a self-assessment tax form to declare their
profits.
Not every side-hustle makes a profit, of course, especially if a
start-up. Advice online says one can offset such losses against
mainstream income, as long as it's "a genuine business, not a
hobby". Although I see no such weasel words when it comes to being
liable to pay tax on profits.
You can offset trading losses against income as a sole trader for the
first 4 years. Search 'sole trader losses' for various guides.
Since a sole trader has no distinction between business and personal
affairs, your PAYE job and your 'trading income' fall into the same
pot AIUI. I'm not sure if there's anything different about pension
income here. However here:
https://www.accaglobal.com/uk/en/technical-activities/technical-resour
ces-search/2019/july/loss-relief-options-sole-trader.html
it seems to be transferable to capital gains if you don't have enough
income to offset it against, so it seems fairly broad - I suppose a
pension is just taxable income like any other.
[also that page indicates there are some complications like
interactions with the personal allowance. It would need further
scrutiny to understand if it's worth it]
Quite co-incidentally, I'm setting up a part-time pop-up shop
(vintage technology and boys' toys), which I might attend on average
maybe one day a week. Is that a "genuine business", assuming that's
even a criterion?
If it walks like a duck, etc. A shop sounds like a business to me,
especially if its goal is to make money (even if it doesn't
initially).
I'd expect it to make a loss of a couple of thousand for the first
year at least**, which I'd be wanting to offset against my pension.
I think once you go beyond 4 years then it gets more difficult to
offset.
I'm surprised more people don't go limited? A loan to a Ltd company
goes on for perpetuity and interest is payable where advantageous. And previous losses can be offset against future profit.
On 2025-05-19, Fredxx <fredxx@spam.invalid> wrote:
On 19/05/2025 10:43, Theo wrote:
Roland Perry <roland@perry.uk> wrote:
I'd expect it to make a loss of a couple of thousand for the first
year at least**, which I'd be wanting to offset against my pension.
I think once you go beyond 4 years then it gets more difficult to
offset.
I'm surprised more people don't go limited? A loan to a Ltd company
goes on for perpetuity and interest is payable where advantageous.
And previous losses can be offset against future profit.
Most people don't know how. And if you register a Ltd company then you
have to pay an accountant every year to prepare and file the accounts.
For a side hobby, this expense alone may put the "business" massively
into the red.
Jon Ribbens <jon+usenet@unequivocal.eu> wrote in news:slrn102mepd.6tv.jon+usenet@raven.unequivocal.eu:
On 2025-05-19, Fredxx <fredxx@spam.invalid> wrote:
On 19/05/2025 10:43, Theo wrote:
Roland Perry <roland@perry.uk> wrote:
I'd expect it to make a loss of a couple of thousand for the first
year at least**, which I'd be wanting to offset against my pension.
I think once you go beyond 4 years then it gets more difficult to
offset.
I'm surprised more people don't go limited? A loan to a Ltd company
goes on for perpetuity and interest is payable where advantageous.
And previous losses can be offset against future profit.
Most people don't know how. And if you register a Ltd company then you
have to pay an accountant every year to prepare and file the accounts.
For a side hobby, this expense alone may put the "business" massively
into the red.
I agree that it would be OTT for this kind of operation but I did generate and file my own accounts and VAT returns for my SME so it's not entirely necessary to employ an accountant.
On 2025-05-19, Peter Walker <not@for.mail> wrote:
Jon Ribbens <jon+usenet@unequivocal.eu> wrote in
news:slrn102mepd.6tv.jon+usenet@raven.unequivocal.eu:
On 2025-05-19, Fredxx <fredxx@spam.invalid> wrote:
On 19/05/2025 10:43, Theo wrote:
Roland Perry <roland@perry.uk> wrote:
I'd expect it to make a loss of a couple of thousand for the first >>>>>> year at least**, which I'd be wanting to offset against my pension. >>>>>I think once you go beyond 4 years then it gets more difficult to
offset.
I'm surprised more people don't go limited? A loan to a Ltd company
goes on for perpetuity and interest is payable where advantageous.
And previous losses can be offset against future profit.
Most people don't know how. And if you register a Ltd company then you
have to pay an accountant every year to prepare and file the accounts.
For a side hobby, this expense alone may put the "business" massively
into the red.
I agree that it would be OTT for this kind of operation but I did generate >> and file my own accounts and VAT returns for my SME so it's not entirely
necessary to employ an accountant.
Book-keeping and VAT return is pretty easy (although these days you I
believe you *have* to use accountancy software, which will cost money, because the VAT returns now have to be filed using such software).
The accounts however are evil gibberish that only people who have had
their brains damaged by learning accountancy can produce.
On 2025-05-19, Fredxx <fredxx@spam.invalid> wrote:
On 19/05/2025 10:43, Theo wrote:
Roland Perry <roland@perry.uk> wrote:I'm surprised more people don't go limited? A loan to a Ltd company goes
I'd expect it to make a loss of a couple of thousand for the first year >>>> at least**, which I'd be wanting to offset against my pension.
I think once you go beyond 4 years then it gets more difficult to offset. >>
on for perpetuity and interest is payable where advantageous. And
previous losses can be offset against future profit.
Most people don't know how. And if you register a Ltd company then you
have to pay an accountant every year to prepare and file the accounts.
For a side hobby, this expense alone may put the "business" massively
into the red.
Fredxx <fredxx@spam.invalid> wrote in
news:100f6v1$1jmme$2@dont-email.me:
On 19/05/2025 10:43, Theo wrote:
Roland Perry <roland@perry.uk> wrote:
From this tax year anyone with a side-hustle turning over more
than
? £1k, has to do a self-assessment tax form to declare their
profits.
Not every side-hustle makes a profit, of course, especially if a
start-up. Advice online says one can offset such losses against
mainstream income, as long as it's "a genuine business, not a
hobby". Although I see no such weasel words when it comes to being
liable to pay tax on profits.
You can offset trading losses against income as a sole trader for the
first 4 years. Search 'sole trader losses' for various guides.
Since a sole trader has no distinction between business and personal
affairs, your PAYE job and your 'trading income' fall into the same
pot AIUI. I'm not sure if there's anything different about pension
income here. However here:
https://www.accaglobal.com/uk/en/technical-activities/technical-resour
ces-search/2019/july/loss-relief-options-sole-trader.html
it seems to be transferable to capital gains if you don't have enough
income to offset it against, so it seems fairly broad - I suppose a
pension is just taxable income like any other.
[also that page indicates there are some complications like
interactions with the personal allowance. It would need further
scrutiny to understand if it's worth it]
Quite co-incidentally, I'm setting up a part-time pop-up shop
(vintage technology and boys' toys), which I might attend on average
maybe one day a week. Is that a "genuine business", assuming that's
even a criterion?
If it walks like a duck, etc. A shop sounds like a business to me,
especially if its goal is to make money (even if it doesn't
initially).
I'd expect it to make a loss of a couple of thousand for the first
year at least**, which I'd be wanting to offset against my pension.
I think once you go beyond 4 years then it gets more difficult to
offset.
I'm surprised more people don't go limited? A loan to a Ltd company
goes on for perpetuity and interest is payable where advantageous. And
previous losses can be offset against future profit.
I feel the view will be that an operation declaring losses for more than
4 years cannot me considered a going concern so they will be required to
jump through hoops to justify their ongoing operation. Even as a limited company you need to declare that that your company can be considered a
going concern.
On 19/05/2025 15:07, Jon Ribbens wrote:
On 2025-05-19, Fredxx <fredxx@spam.invalid> wrote:
On 19/05/2025 10:43, Theo wrote:
Roland Perry <roland@perry.uk> wrote:I'm surprised more people don't go limited? A loan to a Ltd company goes >>> on for perpetuity and interest is payable where advantageous. And
I'd expect it to make a loss of a couple of thousand for the first year >>>>> at least**, which I'd be wanting to offset against my pension.
I think once you go beyond 4 years then it gets more difficult to offset. >>>
previous losses can be offset against future profit.
Most people don't know how. And if you register a Ltd company then you
have to pay an accountant every year to prepare and file the accounts.
For a side hobby, this expense alone may put the "business" massively
into the red.
It's a fallacy you must employ an accountant to do Ltd accounts. For
simple company accounts most boxes are left empty and simple to complete online. Then you submit the accounts to both Companies House and HMRC.
On 19/05/2025 16:48, Peter Walker wrote:
Fredxx <fredxx@spam.invalid> wrote in
news:100f6v1$1jmme$2@dont-email.me:
On 19/05/2025 10:43, Theo wrote:
Roland Perry <roland@perry.uk> wrote:
  From this tax year anyone with a side-hustle turning over more
  than
? £1k, has to do a self-assessment tax form to declare their
profits.
Not every side-hustle makes a profit, of course, especially if a
start-up. Advice online says one can offset such losses against
mainstream income, as long as it's "a genuine business, not a
hobby". Although I see no such weasel words when it comes to being
liable to pay tax on profits.
You can offset trading losses against income as a sole trader for the
first 4 years. Search 'sole trader losses' for various guides.
Since a sole trader has no distinction between business and personal
affairs, your PAYE job and your 'trading income' fall into the same
pot AIUI. I'm not sure if there's anything different about pension
income here. However here:
https://www.accaglobal.com/uk/en/technical-activities/technical-resour >>>> ces-search/2019/july/loss-relief-options-sole-trader.html
it seems to be transferable to capital gains if you don't have enough
income to offset it against, so it seems fairly broad - I suppose a
pension is just taxable income like any other.
[also that page indicates there are some complications like
interactions with the personal allowance. It would need further
scrutiny to understand if it's worth it]
Quite co-incidentally, I'm setting up a part-time pop-up shop
(vintage technology and boys' toys), which I might attend on average >>>>> maybe one day a week. Is that a "genuine business", assuming that's
even a criterion?
If it walks like a duck, etc. A shop sounds like a business to me,
especially if its goal is to make money (even if it doesn't
initially).
I'd expect it to make a loss of a couple of thousand for the first
year at least**, which I'd be wanting to offset against my pension.
I think once you go beyond 4 years then it gets more difficult to
offset.
I'm surprised more people don't go limited? A loan to a Ltd company
goes on for perpetuity and interest is payable where advantageous. And
previous losses can be offset against future profit.
I feel the view will be that an operation declaring losses for more than
4 years cannot me considered a going concern so they will be required to
jump through hoops to justify their ongoing operation. Even as a limited
company you need to declare that that your company can be considered a
going concern.
Hmm, I can think of a company that has been burning money for well in
excess of 10 years and only now actually making sales!
On 19/05/2025 16:48, Peter Walker wrote:
I feel the view will be that an operation declaring losses for more than
4 years cannot me considered a going concern so they will be required to jump through hoops to justify their ongoing operation. Even as a limited company you need to declare that that your company can be considered a going concern.
Hmm, I can think of a company that has been burning money for well in
excess of 10 years and only now actually making sales!
On 2025-05-19, Fredxx <fredxx@spam.invalid> wrote:
On 19/05/2025 15:07, Jon Ribbens wrote:
On 2025-05-19, Fredxx <fredxx@spam.invalid> wrote:
On 19/05/2025 10:43, Theo wrote:
Roland Perry <roland@perry.uk> wrote:I'm surprised more people don't go limited? A loan to a Ltd company goes >>>> on for perpetuity and interest is payable where advantageous. And
I'd expect it to make a loss of a couple of thousand for the first year >>>>>> at least**, which I'd be wanting to offset against my pension.
I think once you go beyond 4 years then it gets more difficult to offset. >>>>
previous losses can be offset against future profit.
Most people don't know how. And if you register a Ltd company then you
have to pay an accountant every year to prepare and file the accounts.
For a side hobby, this expense alone may put the "business" massively
into the red.
It's a fallacy you must employ an accountant to do Ltd accounts. For
simple company accounts most boxes are left empty and simple to complete
online. Then you submit the accounts to both Companies House and HMRC.
Sorry, what do you mean by "complete [boxes] online"? Are you
talking about company accounts or self-assessment tax returns?
On 19/05/2025 18:20, Fredxx wrote:
On 19/05/2025 16:48, Peter Walker wrote:
Fredxx <fredxx@spam.invalid> wrote in
news:100f6v1$1jmme$2@dont-email.me:
On 19/05/2025 10:43, Theo wrote:
Roland Perry <roland@perry.uk> wrote:
  From this tax year anyone with a side-hustle turning over more >>>>>>   than
? £1k, has to do a self-assessment tax form to declare their
profits.
Not every side-hustle makes a profit, of course, especially if a
start-up. Advice online says one can offset such losses against
mainstream income, as long as it's "a genuine business, not a
hobby". Although I see no such weasel words when it comes to being >>>>>> liable to pay tax on profits.
You can offset trading losses against income as a sole trader for the >>>>> first 4 years. Search 'sole trader losses' for various guides.
Since a sole trader has no distinction between business and personal >>>>> affairs, your PAYE job and your 'trading income' fall into the same
pot AIUI. I'm not sure if there's anything different about pension >>>>> income here. However here:
https://www.accaglobal.com/uk/en/technical-activities/technical-resour >>>>> ces-search/2019/july/loss-relief-options-sole-trader.html
it seems to be transferable to capital gains if you don't have enough >>>>> income to offset it against, so it seems fairly broad - I suppose a
pension is just taxable income like any other.
[also that page indicates there are some complications like
interactions with the personal allowance. It would need further
scrutiny to understand if it's worth it]
Quite co-incidentally, I'm setting up a part-time pop-up shop
(vintage technology and boys' toys), which I might attend on average >>>>>> maybe one day a week. Is that a "genuine business", assuming that's >>>>>> even a criterion?
If it walks like a duck, etc. A shop sounds like a business to me, >>>>> especially if its goal is to make money (even if it doesn't
initially).
I'd expect it to make a loss of a couple of thousand for the first >>>>>> year at least**, which I'd be wanting to offset against my pension. >>>>>I think once you go beyond 4 years then it gets more difficult to
offset.
I'm surprised more people don't go limited? A loan to a Ltd company
goes on for perpetuity and interest is payable where advantageous. And >>>> previous losses can be offset against future profit.
I feel the view will be that an operation declaring losses for more than >>> 4 years cannot me considered a going concern so they will be required to >>> jump through hoops to justify their ongoing operation. Even as a limited >>> company you need to declare that that your company can be considered a
going concern.
Hmm, I can think of a company that has been burning money for well in
excess of 10 years and only now actually making sales!
Wasn't it roughly 20 years before Amazon turned a profit?
On 19/05/2025 20:30, Jon Ribbens wrote:
On 2025-05-19, Fredxx <fredxx@spam.invalid> wrote:
On 19/05/2025 15:07, Jon Ribbens wrote:
On 2025-05-19, Fredxx <fredxx@spam.invalid> wrote:
On 19/05/2025 10:43, Theo wrote:
Roland Perry <roland@perry.uk> wrote:
I'd expect it to make a loss of a couple of thousand for the
first year at least**, which I'd be wanting to offset against my >>>>>>> pension.
I think once you go beyond 4 years then it gets more difficult to
offset.
I'm surprised more people don't go limited? A loan to a Ltd company goes >>>>> on for perpetuity and interest is payable where advantageous. And
previous losses can be offset against future profit.
Most people don't know how. And if you register a Ltd company then you >>>> have to pay an accountant every year to prepare and file the accounts. >>>> For a side hobby, this expense alone may put the "business" massively
into the red.
It's a fallacy you must employ an accountant to do Ltd accounts. For
simple company accounts most boxes are left empty and simple to complete >>> online. Then you submit the accounts to both Companies House and HMRC.
Sorry, what do you mean by "complete [boxes] online"? Are you
talking about company accounts or self-assessment tax returns?
Only recently did I enter all the financial details for a Ltd company
using the HMRC website.
The outputs were micro accounts to Companies House and a CT600 that you
can download.
On 20/05/2025 12:35, GB wrote:
[quoted text muted]
Making sales and making a profit are two separate things. Losses can be carried forward for a Ltd company indefinitely.
On Tue, 20 May 2025 13:29:36 +0100, Fredxx wrote:
On 20/05/2025 12:35, GB wrote:
[quoted text muted]
Making sales and making a profit are two separate things. Losses can be
carried forward for a Ltd company indefinitely.
My Dads business almost never turned a profit by design.
One year it couldn't be helped. But as our accountant said, no problem,
we'll post a matching loss next year.
On 2025-05-20, Jethro_uk <jethro_uk@hotmailbin.com> wrote:
On Tue, 20 May 2025 13:29:36 +0100, Fredxx wrote:
On 20/05/2025 12:35, GB wrote:
[quoted text muted]
Making sales and making a profit are two separate things. Losses can
be carried forward for a Ltd company indefinitely.
My Dads business almost never turned a profit by design.
One year it couldn't be helped. But as our accountant said, no problem,
we'll post a matching loss next year.
Indeed, accountants will generally speaking try and arrange things such
that a company makes a small loss, which doesn't look particularly bad
but also doesn't result in any tax liabilities.
On 2025-05-20, Fredxx <fredxx@spam.invalid> wrote:
On 19/05/2025 20:30, Jon Ribbens wrote:
On 2025-05-19, Fredxx <fredxx@spam.invalid> wrote:
On 19/05/2025 15:07, Jon Ribbens wrote:
On 2025-05-19, Fredxx <fredxx@spam.invalid> wrote:
On 19/05/2025 10:43, Theo wrote:
Roland Perry <roland@perry.uk> wrote:
I'd expect it to make a loss of a couple of thousand for the
first year at least**, which I'd be wanting to offset against my >>>>>>>> pension.
I think once you go beyond 4 years then it gets more difficult to >>>>>>> offset.
I'm surprised more people don't go limited? A loan to a Ltd company goes >>>>>> on for perpetuity and interest is payable where advantageous. And
previous losses can be offset against future profit.
Most people don't know how. And if you register a Ltd company then you >>>>> have to pay an accountant every year to prepare and file the accounts. >>>>> For a side hobby, this expense alone may put the "business" massively >>>>> into the red.
It's a fallacy you must employ an accountant to do Ltd accounts. For
simple company accounts most boxes are left empty and simple to complete >>>> online. Then you submit the accounts to both Companies House and HMRC.
Sorry, what do you mean by "complete [boxes] online"? Are you
talking about company accounts or self-assessment tax returns?
Only recently did I enter all the financial details for a Ltd company
using the HMRC website.
The outputs were micro accounts to Companies House and a CT600 that you
can download.
Do you mean this service:
https://www.gov.uk/file-your-company-accounts-and-tax-return
?
I've never heard of it before. And it appears that I've learned about
this just in time for it to be discontinued at the end of this year,
after which you will have to pay money for software instead (although
I've also never heard of software which can produce the accounts).
https://www.gov.uk/guidance/closure-of-the-service-to-file-your-company-accounts-and-tax-return
On Tue, 20 May 2025 13:29:36 +0100, Fredxx wrote:
On 20/05/2025 12:35, GB wrote:
[quoted text muted]
Making sales and making a profit are two separate things. Losses can be
carried forward for a Ltd company indefinitely.
My Dads business almost never turned a profit by design.
One year it couldn't be helped. But as our accountant said, no problem,
we'll post a matching loss next year.
Generally peoples understanding of "profit" is a bit poor in the UK. >Otherwise people wouldn't swallow the nonsense about how taxing profits
means companies can't invest and send them packing.
On Tue, 20 May 2025 14:01:29 +0000, Jon Ribbens wrote:
On 2025-05-20, Jethro_uk <jethro_uk@hotmailbin.com> wrote:
On Tue, 20 May 2025 13:29:36 +0100, Fredxx wrote:
On 20/05/2025 12:35, GB wrote:
[quoted text muted]
Making sales and making a profit are two separate things. Losses can
be carried forward for a Ltd company indefinitely.
My Dads business almost never turned a profit by design.
One year it couldn't be helped. But as our accountant said, no problem,
we'll post a matching loss next year.
Indeed, accountants will generally speaking try and arrange things such
that a company makes a small loss, which doesn't look particularly bad
but also doesn't result in any tax liabilities.
In our case, surplus money went into buying plant. Lifts, lathes, presses.
As I lived with my parents (in London) and used whatever vehicle was
being road tested to get to and from the workshop, I had hardly any >outgoings. (You'd take the tube for nights out in town, and walk if
local) my wages were just below the tax threshold.
I feel the view will be that an operation declaring losses for more than
4 years cannot me considered a going concern so they will be required to
jump through hoops to justify their ongoing operation. Even as a limited >company you need to declare that that your company can be considered a
going concern.
On 19 May 2025 15:48:46 GMT, Peter Walker <not@for.mail> wrote:
I feel the view will be that an operation declaring losses for more than
4 years cannot me considered a going concern so they will be required to >>jump through hoops to justify their ongoing operation. Even as a limited >>company you need to declare that that your company can be considered a >>going concern.
I have been declaring losses against my 'side hustle' income, and
offsetting them against my PAYE income/pension since the 1980s without complaint. Received a £1,300 refund with a week of submitting my self-assessment return a few weeks ago.
Peter Johnson <peter@parksidewood.nospam> wrote in news:ormu2kd0kprj1mnribfmnepnsi2an21p04@4ax.com:
On 19 May 2025 15:48:46 GMT, Peter Walker <not@for.mail> wrote:
I feel the view will be that an operation declaring losses for more than >>> 4 years cannot me considered a going concern so they will be required to >>> jump through hoops to justify their ongoing operation. Even as a limited >>> company you need to declare that that your company can be considered a
going concern.
I have been declaring losses against my 'side hustle' income, and
offsetting them against my PAYE income/pension since the 1980s without
complaint. Received a Ģ1,300 refund with a week of submitting my
self-assessment return a few weeks ago.
Has it ever made a profit?
If you are saying that you have been been claiming relief for continual losses on business activities over a 40+ year period then it's pretty clear that you are not operating a going concern and I hope you that you do not come up in the lottery for a tax inspection.
On 22 May 2025 at 19:53:17 BST, "Peter Walker" <not@for.mail> wrote:
Peter Johnson <peter@parksidewood.nospam> wrote in
news:ormu2kd0kprj1mnribfmnepnsi2an21p04@4ax.com:
On 19 May 2025 15:48:46 GMT, Peter Walker <not@for.mail> wrote:
I feel the view will be that an operation declaring losses for more than >>>> 4 years cannot me considered a going concern so they will be required to >>>> jump through hoops to justify their ongoing operation. Even as a limited >>>> company you need to declare that that your company can be considered a >>>> going concern.
I have been declaring losses against my 'side hustle' income, and
offsetting them against my PAYE income/pension since the 1980s without
complaint. Received a Ģ1,300 refund with a week of submitting my
self-assessment return a few weeks ago.
Has it ever made a profit?
If you are saying that you have been been claiming relief for continual
losses on business activities over a 40+ year period then it's pretty clear >> that you are not operating a going concern and I hope you that you do not
come up in the lottery for a tax inspection.
It looks like a grand way to finance an expensive hobby!
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