In the event that a loss arises in a trade or profession, consideration should be given as how best to obtain relief for that loss. As with many things, there is no ‘one size fits all’ and the best option will depend on the trader’s particular circumstances. Option 1 – Relief against general income If…
Providing a business is being undertaken on a commercial basis with a view to making a profit, it is generally possible to claim relief for trading losses. Relief for trading losses may be obtained in a variety of ways, including: set-off against other income in the same or preceding tax year, for example against employment…
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Only travel short distances for business? Want to keep fit? Simply want to be more 'green'? Using a vehicle means you can claim 45p a mile which just about covers fuel for some larger vehicles. However, ride a bicycle and you can claim 20p per mile. Easily covering your costs!
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