There are a number of tax reliefs available for self-employed taxpayers that make a loss carrying on their trade, profession or vocation (collectively referred to as a ‘trade’) and for their share of trading losses in any partnerships.
For the 2019-20 tax year, trade losses can be relieved in a number of ways. This includes the following:
There is an overall cap on certain Income Tax reliefs. The cap is set at 25% of income or £50,000, whichever is the greater. For newly self-employed who have previously been employed the self employed loss can be offset against current or past year’s earned income in order to recover tax previously paid under PAYE. However, it does not end there because, the self employed loss can continue to be carried forward to future profitable years and reduce future self employed National Insurance liabilities.
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As of April 2025, more employers can claim the increased £10,500 Employment Allowance thanks to relaxed eligibility
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The impact of frozen personal allowances often leads to fiscal drag, a situation where individuals pay more tax as their
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Since 6 April 2025, the remittance basis of taxation for non-UK domiciled individuals (non-doms) has been replaced by
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